The Empirical Study Of The Performance Estimation On The Closed-funds Of China

Investment funds'development is very important for pushing the security market to develop healthily. our country established security investment funds in 1998, since then funds developes very quickly, the number and size of the security investmet funds is becoming more and more large, security investment funds has become quite important instrument invertor of security market, its healthy development has deep influence for leading security market to go ahead with exact direction and allocate the sources most rationally. So the comprehensive and objective evaluation of the funds'investment performance is very important and urgent. By doing that, certain value could be contributed to the relevant invertors, supervisors, asset management companies and the development of funds industry.Funds performance measurement is the much important tache for weighing the efficiency of funds managers. Although there exist a few issues of the present research on security funds performance in China, such as limitation in sample fund ,deficiency in market benchmark and short term in evaluation, etc., evaluating the funds performance systemly and roundly is quite nessary. the writer has designed an appropriate benchmark on the basis of two stock market A-share index, choosed foreign matured performance evaluation models and carried out a series of emrirical research respectively on closed-end funds from follow aspects. Fist if the performance of closed-end funds is better than benchmark. Second if the fund managers can make exact dicisions to by which securities and when to by and sale. Laste if fund performance appear to be costant and stable.Through the empirical study, some conclusions can be drawn as follows: 1. China closed-end funds performance can go well when the large-cap is in a relatively strong force, but will glide as the market truns weak. In a whole, our fund performance excels the mark benchmark, but its good performance manily contributed to the security selectivity. 2. In terms of security selectivity, closed-end funds has indicated the ability of security selecting. While in respect of market timing, it can be shown that fund don't possess such kind of ability. On the contrary, the research result demonstrated that some funds have even worked out the estimation totally reversed to the correct ones. 3. On the subject of performance persistence it can be testified that closed-end funds can behave certain persistence to some extent, but most sample funds don't appear obvious...