| On March 27, 1998, the security investment funds of KaiYuan and JinTai were founded in China. And after 7-year development, the security investment funds have gradually grown into maturation. By the end of Apr. 2005, there are 54 pieces of closed-funds founded, and 125pieces of opened-funds founded. The total scale of funds has reached 44.654 billion Yuan. It is concluded that the security investment funds have been one of the important parts of the security market in China, because it plays a key role in stabilizing the security market, enlarging the investment room, improving the investor's structures, and promoting the activity of the market. Therefore, more and more exports pay attention to the operation and characteristics of the funds, trying to learn performance evaluation of the funds and the infection factors.Much research has been done on the performance evaluation of funds, and some experts abroad have set up a mature and systemic theory system through decades of hard work. But related research in China is still very primary because the security investment funds appear and exit in China for a short time.This article, bases on the typical evaluation methods of the investment funds, such as Trenoy performance Index, Sharpe performance Index, Jesen performance index, and the practice in China, is designed to evaluate the performance of China's opened-funds in 2004. In addition, the researcher split funds to 5 groups, and use relationship indexes, Average-returns tests, One-way ANOVA analysis to test for differences in performance for five group funds.The research makes the following conclusions:1. Most of the China's opened-funds can override the market in 2004.2. Don't find statistically significant difference in performance for five groups funds split by scale.Base our study, the writer analyze the reason, and give advice. First,, to increase the whole funds' capacity in the security market. Second, to control the single funds' scale. |
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