Performance Evaluation Research Of Open-Ended Fund In China

Fund is a kind of indirect securities investment way, investors can reach the purpose of investing in securities market indirectly by buying a fund.The fund already became an important institutional investor in Chinese capital market.Establishment of fund evaluation system and fund evaluation product debuting can help an investor know the characteristic and risk-return level of a fund and carry out investment decision better.Therefore, establishing a rational and independent securities fund evaluation system, which is already become a very important factor,it can make current securities investment fund vigorous in our country.An objective and impartial fund valuation system not only is marketizatione outside constraint force to fund administrant, but also a reference index to the investor carry out investment decision and control risk.However, the domestic extant fund performance evaluation system is short of independence, evaluation result even contradicts mutually, the comparison standard of performance is various widely,causing the small and medium investor market at loose end .Analytical Hierarchy Process is the combination of quantitative and qualitative analysis, it can overcome the deficiency that depends completely on quantitative analysis method ,there is very strong practical significance to small and medium investor .This study choose 5 stock type open-ended funds as the object,which was set up before the end of 2002,the operation cycle is quite long .As the research object of the performance evaluation,it has certain regularity,it is helpful for the systematic analysis.When I designed the fund evaluation system, considering it mainly serves for small and medium investors.so, index design simple and have very strong utilization.By substantial evidences study, it indicates this valuation system has stronger objectivity and accuracy when compared with the same kind of fund.