The Empirical Analysis Of Open-ended Fund Performance Evaluation In China

Ever since the out-coming of ((Experimental Law of open-ended securities funds)) , the Chinese securities funds go into the all-rounded development period of open-ended funds. Currently, open-ended fund has become one of the most important institutional investors in securities market. The rapid development of open-ended fund attributes to its advantage in its unique system advantage which effectively solves the problem of moral hazard caused by agent relation in the treaty of fund. The motivation-compatible information system guarantees the consistence of objectives of fund manager and investor.The development of open-ended fund promotes the conception of rational investment in capital market and its investment conception of focusing on industries and selection of companies sets a good example to the market. The advantage of open-ended fund's system and investment conception are best explained by the performance of funds. It is beneficial to valuate fund's performance by related parties and realize objectively problems in the operation of fund as well as helps the healthy development of open-ended fund through conducting profound research on performance of funds.Though open-ended fund market developed rapidly recent years, the development of the research on the performance of the open-ended fund evaluation lags behind relatively in our country. On the basis of combining and digesting the fund performance in ripe market and the assessing theory, this text combines the characteristics of China's securities market and Chinese fund industry as well as develop reality, takes four perspectives like the fund income and risk ability, manager's investment managerial ability of the fund, the source and analysis of the fund performance, and the achievement constant ability, selects authoritative indexes in the world as Jenson index, Sharp index, H-M model, T-M model, the Fama achievements ownership analysis, the regression analysis method and so on, carries on the definition and revision processing to the related computation target simultaneously, establishes a frame of an overall, objective, scientific comprehensive appraisal system of fund performance, which has been applied to Chinese fund market as an real example.In the empirical research, this article selects 17 stocks open-ended fund which carried on three years, transferred 149 weeks data, appraisal system of fund performance has made from the whole to open-ended funds investment...