An Empirical Research Of Performance Evaluation Of Open-end Funds In China

With the rapid development of open-end funds in our country, the open-end funds is playing amore and more important role in finance market. Scientifically and rationally measuring theirperformances is important and meaningful for the investors, fund management companies anddepartment of the market's supervision. On the basis of combining and digesting the fundperformance in ripe market and the assessing theory, this text combines the characteristics ofChina's securities market and Chinese fund industry as well as develop reality, selects 22stocksopen-ended funds of different fund management companies which carried on the three years,trying to Empirical Analysis the performance of Chinese open-end funds in Chinesecircumstance, certain result could be contributed to the investor, fund management companiesand department of the market' s supervision and the development of funds industry.The main research route of this paper is adopt the yield indexes, single-factor risk-adjustedreturns indexes, T-M model and H-M model, the Fama achievements ownership analysis, theregression analysis method and so on, take four perspectives like the fund income and risk ability,manager's investment managerial ability of the fund, the source and analysis of the fundperformance, and the achievement constant ability. By empirical ananlysis, conclusions can bedrawn as follows:(1) Relaying on initiative investment, open-end funds performance excelsmarket benchmark, but this also prove the securities business have not high efficiency in ourcountry.(2)The system risk is the main factor to infect the total risk of open-end funds, butnon-system risk take a main proportion in total risk. (3)on the whole, open-end funds managershave some selective abilities and market timing ability, yet the result is not statisticallysignificant according the analysis. (4) The open-end funds show certain performance persistencein middle-term and long term but in short-time.Lastly, the writer put forward some suggestions on the development of open-end funds inChina on the basic of the empirical research result.