The Empirical Study On The Performance Evaluation Of Chinese Open-ended Funds

With the fast development of the open-ended funds, it has important meaning to evaluate the open-ended funds performance objectively and roundly. So far, there are many scholars have made empirical study on Chinese open-ended funds performance, but, there has took place a lot of transformations through several years' development, such as fund category, the increment of the fund scale the fund investment style presents diverse etc.. At the same time, through several years' operation, the operation ability of each big fund company is gradually maturing with perfect, therefore, there must have some big change in the managed funds performance. At the same time, better adopt the long-term data to evaluate the open-ended funds performance objectively. Owing to these, in order to have a new cognition of the open-ended funds performance, it is necessary to add new data to make a new empirical study on Chinese open-ended funds performance.Based on the domestic and international related research results, to make roundly empirical study on Chinese open-ended funds performance, the author choose 15 funds which have been issued before the Dec 31, 2002 as the research objects. In the process of the study, this paper adopt earning rate index, risk index, three earning rate index after risk adjustment(Jensen Index, Treynor Index, Sharpe Index), and T-M, H-M models that are used to value the managers ability to securities selecting and market timing. According to the research results, the earning rate of open-ended funds in our country is higher than that of market benchmark portfolios on the whole; And after risk adjustment, the performance of open-ended funds is also better than the market benchmark portfolios; At the same time, the abilities to securities selecting and market timing are absent in most of the open-ended funds in China.