The Research On Open-ended Fund Performance Evaluation Of China

Recent years, as the fund market developed rapidly in our country, the open-ended fund became a very important investment instrument. It has been widely accepted by investors and proves itself to be very promising in the future. As the time of security investment funds running more and more long and the number becoming more and more large, scientifically and rationally measuring their performances is important and meaningful for the investors, fund management companies and department of the market's supervision.On the basis of combining and digesting the fund performance in market and the assessing theories, this paper combines the characteristics of China's securities market and Chinese fund industry as well as develop reality, takes four perspectives like the fund income and risk ability, manager's investment managerial ability of the fund, the source and analysis of the fund performance, and the achievement constant ability, selects authoritative indexes in the world as Jenson index,Sharp index,H-M model,T-M model, the Fama achievements owner ship analysis, the regression analysis method and so on, carries on the definition and revision processing to the related computation target simultaneously, establishes a frame of an overall, objective, scientific comprehensive appraisal system of fund performance, which has been applied to Chinese fund market as an real example.In the empirical analysis, this paper selects 26 stocks open-ended funds which carried on at least three years. Using 3 years data, this paper gets some results. The results shows that: As a whole, the performance of open-ended fund surpass the market benchmark; These funds shows certain ability of diversifying risk, but they still bore much unsystematic risk; Fund managers have the ability of Securities-Selectivity but not significant and have not the ability of Market-Timing; In long time, we don't find evidence to show that return have persistent.Through the research on the open-ended fund performance evaluation, we can not only know the behavior of the open-ended fund, but can we find the problems during the development of security investment fund. Further more we hope these conclusions can provide certain help for the investors, the fund management companies and the supervision authorities.