The Research On Major Components Collocation Of Securities Investment Strategy And Rating System Of Open-end Funds In China

Since the launch of Hua An Mutual Fund-the first open-end fund of China in September 2001, China's mutual funds market has been booming. Open-end fund has been understood and accepted by many investors as an investment channel, and it becomes one of the pillar institutional investors in China's capital market with wide developing space. However, the research on the open-end fund evaluation is lagged behind the market development, and the study on performance attribution analysis is extremely limited in China. Based on the classic theories of fund evaluation in developed markets, the thesis evaluates the performance of China's open-end funds with average yield method and risk-adjusted yield method. The thesis also empirically analyses the funds' performance attribution with the Fama Methodology, and the influence of the funds' securities investment strategies on the performance attribution. The research demonstrates that investing in blue chips makes important contribution to the performance. Furthermore, the thesis summarizes and compares current fund rating systems in China, and analyses the strengths and weaknesses of those systems, providing useful comments for investors and fund management corporations. Besides those mentioned above, the thesis also establishes the advanced fund rating system adapted to China.