An Research On Performance Evaluation Of Open-Funds In China

Performance Evaluation of the fund is the important part in the development of the fund, is one theoretical and practical research subject, also is the important financial research field. Many foreign scholars have conducted various researches about the subject and proposed massive research models. These models also unceasingly are confirmed and improved. But domestic the research about the subject has been the start stage, as the same time fast development of investment funds industry in our country anticipated urgently the effective and comprehensively Performance Evaluation system.Firstly, this article elaborated the research background and significance, and introduced research methods, content and logical framework. Then summarized the literature to the research results of domestic and foreign investment funds achievement appraisal.Then unifies the reality of our country stock market, in view of the tradition assessment method limation, The Data Envelope Analysis(DEA) is introduced into the fund achievement appraisal, established a DEA appraisal model, this model used the input/output appraises the fund achievement.The input index used in this article included Risk factor score, Managed capacity factor score, the expense ratio, the opening unit net worth, the fund cycling rate, the industry concentration degree, own stocks the ratio. The output index used in this article included Income factor score, unit net worth of the end and accumulation net worth of the end.In this foundation, the real diagnosis analysis to our country's 31 investment funds demonstrates that 54.84% sample funds are relatively effective and 45.16% funds are relatively invalid. And discussed the reason and improvement way of inefficient funds by the Efficiency analysis, Projection Analysis and Cross-Efficiency Value Analysis. And had carried on the relevant analysis to the result of the risk-adjust income index, the Factor Analysis model and DEA model. Finally, put forward the proposal for the investor, the Supervising and Managing Department as well as the funds superintendent.