A Empirical Study On Chinese Open-Ended Funds Performance

Huaan chuangxing, the first open-ended fund came into existence in September 2001 which changed the phase that the fund breed was single in the sucurity market of our country. Closed-end funds were ceased to be issued in our country since August 2002,there came a stage of the rapid development of open-ended funds. Over 263 open-ended funds was founded by the end of 2006, open-ended funds have exceeded the close-endedfunds whether in quantity or scale, and have become the institutional investors which holds the balance in the security market in our country. Along with the rapid development of open-ended funds, people become to concern their performance generally. The problems whether the open-ended funds can reveal the ability of specialist financing, and if they can earn favorable income for the shareholders, and whether open-ended funds can overcome the new security market of China are all the focus which are concerned by the people. Just for that reason, it becomes impendence to evaluate the performance of the open-ended funds completely and impersonality.Although the theory to evaluate the performance of the mutual fund has become very mature, and the scholars have gone deep into the positive research in the foreign countries,the research about this aspect in our country has just begun. Most of the positive performance research in our country aimed at the closed-end fund, there was little systematical and thoroughly evaluation about the open-ended funds. Just so, this article tries to evaluate the performance of the open-ended funds in our country nicety and impersonality through a series of positive research by the use of the performance evaluate theory in existence, on the background of the fact of the security market in our country, adapting the way to combine the theoretical analysis and positive analysis. The main contents of this article are as follows:Chapter 1, the part of introducition ,mainly includes the research background , the question proposes, the domestic and foreign research tendency, the research content, the research approach and the technical route and so on.Chapter 2 for the open-ended funds outline, introduces its characteristic, classification, liquidity trading and the open-ended funds development course in our country.Chapter 3 is about the fund achievements appraisal theory and themodel, systematically reviewed with the fund achievement appraisalrelated classical theory and the appraisal method, this part of content laies the solid foundation for the empirical study on open-ended funds performance.Chapter 4 and Chapter 5 are the main part of the thesis. Chapter 4 separately from the angle of fund property operation result and fund property operation process to carry on the appraisal to our country 20 stock-open-ended funds during a period from 26th Dec 2003 to 22th Dec 2006 in achievement. Subsequently ,Chapter 5 according to it analyzes the influence of liquidity trading on Chinese open-ended funds performance.Chapter 6 summarizes the conclusions of the whole study and puts forward some suggestions of improving our country open-ended funds performance.