The Research On Evaluation System Of Open-end Funds Of China

The open-end funds in our country have made a great development with the advantage of "centralized investment, financing done by specialists" since 2001.And the open-end funds are attracting more and more investors with continually enriched varieties and enlarged scale. By contrast with the rapid development of open-end funds, the study on the performance of open-end funds develops very slowly in our country. So it is very important and urgent to build one scientific and complete a evaluation system based on our country conditions with scientific ways.The thesis does research on security funds evaluation systems and ways in and outside our country and takes the conditions of our country's fund market and character of open-end funds into consideration and chooses appropriate evaluation guidelines and ways to build evaluation system of securities open-end funds in our country. The thesis evaluates the basic qualities of fund managers with qualitative analysis and performance of fund with quantitative analysis .The thesis conducts empirical analysis with example of twenty-five pen-end stock funds and analyzes these sample funds' the net value yield and risk-adjusted index, the fund manager synthetic investment talent ,the security selection and the market timing selection, liquidity risk of fund in the period of bull market and bear market by in contrastive way in details; Then the thesis conducts comprehensive evaluation with factor analysis and conducts stability examination of the name list produced by evaluation. By studying funds evaluation results, the thesis put forward pertinent policy suggestion and points out relevant problem to be studied.