The Empirical Study On The Performance Of Open-ended Fund In China

The open-ended fund, as an important investment and financial instruments in the stock market of world, has been the current managing money product of Securities Investment Fund. The fund industry developed rapidly in category, scale and investment stye since China's first open-ended fund Hua'an created in 2001, whereas the research on the performance of the open-ended fund evaluation lags behind. Domestic researches can not meet the needs of practice though domestic scholars have carried out some useful research. So it is a critical theoretic and realism significance to evaluate open-ended fund performance by an evaluating index system which according to the situation of our country.On the basis of using the evaluating theory on fund performance in ripe market, this thesis combines the characteristics of china's securities market and Chinese fund industry as well as develop reality. In the empirical research, this thesis selects 36 stock type open-ended funds which carried on four years, and takes three perspectives like the fund income and risk, manager's stock selectivity and market timing ability of the fund, and the achievement persistence ability. According to the research results, the earning rate of stock stye open-ended funds in our country is higher than that of market benchmark portfolios on the whole. And after risk adjustment, the performance of stock stye open-ended funds is also better than the market benchmark portfolios. At the same time, a small number of stock stye open-ended funds have significant abilities of securities selecting, most of stock stye open-ended funds have abilities of securities selecting ,but their abilities of securities selecting are not significant. About fifty percent of stock stye open-ended funds have abilities of market timing, but their abilities of market timing are not significant. The ability of security selecting and market timing has significant negative correlation. The performance of the stock stye open-ended funds has not relative persistence persistence and absolute persistence on the whole.