An Empirical Study On The Performance Of Security Investment Funds Based On Decision-making Usefulness

Security Investment Funds (SIFs), as a product of modern financial innovation, received much attention from investors around the world. The performance of SIFs not only reflects fiduciary duty, but also offers decision-marking useful information. So the technology of fund performance analysis and evaluation has become increasingly important. Moreover, investors are most concerned about the performance evaluation of various methods to contain useful information for investment decisions. To answer this question, at first, an objective evaluation is made for the contributions and limitations of evaluation method of the performance of SIFs. and performance evaluation of various methods of investment decisions made a useful analysis according the actual situation of China's stock market. At last, the author brings forward some advices to the healthy development of SIFs in China.The main ideal of this paper: In order to find what kind of performance evaluation ways can guide investment decisions to return the excess return;"evaluation period"and"holding period"are partitioned in this research. Choosing excellent fund through all kinds of evaluation method during"evaluation period", using holding period return of"holding period"as the real return of chosen fund, the forecasting ability of each evaluation method can be indentifia. Finally, in order to further discover the laws, three quality funds in the evaluation period are selected as a fund portfolio, contract to the average total investment return rate of all the same size of the fund portfolio in the evaluation period, if there is an obvious rule that investments in accordance with selected quality are fund to receive higher investment returns, it also indicates a certain way with certain investment decisions are useful to investors.The conclusions of the research are sketched as follows: Though a majority of funds surpass the benchmark through evaluating net asset increasing rate, only minorities of funds surpass the benchmark through evaluation of risk adjusted index. As other people's findings as, there is a high correlation relation between Sharpe index, Treynor index and Jensen index. All methods may distinguish the excellent funds. Evaluation methods have high relativities except timing ability measuring model, the rule of model forecasting ability should be tested deeply.The contributions of the dissertation consist of examining each evaluation method, illuminating the research focus of fund performance evaluation in the future, initiating...