A Real Diagnosis Research On Open Investment Fund Achievements In Our Country

Since the 1990s, in the western negotiable securities investment research area the people quite pay attention to the question which the ability long-enduring research to the negotiable securities investment fund achievements. This article utilizes classics the Sharp ratio, the especially auspicious atrium ratio, the Johnson alpha to 31 negotiable securities investment fund and its the fund combination in January 14, 2004 - June 30, 2005 the period Achievements performance has carried on a more comprehensive weight. In the appraisal, considered to our country negotiable securities investment fund investment in the stock and the national debt "the mixed type" the fund characteristic, besides performs the inspection based on the deep Shanghai A index to the fund achievements, we further used the combination index and the double factor model have carried on the inspection to the fund Johnson alpha When to the fund risk adjustment series effect weight foundation in, this article also selected to the fund the ability, the risk dispersion degree as well as the fund property disposition situation has carried on the discussion. Through examines two methods using the non-parameter examination and the parameter to the China investment fund profit ability whether has the endurance to conduct the real diagnosis research.This article main conclusion as follows: First, whether regardless of considers the risk factor, Fund entire. The body income level not too is all ideal, The overwhehning majority fund cannot obtain exceeds the quota the income. Not the enough evidence indicated the Chinese fund could obtain the surmounting datum index the performance. In other words, China's investment funds industry can defeat the market by no means. This is consistent with the majority of mature markets condition. Second, our country's...