Performance Evaluation And Empirical Studies On Chinese Open-ended Fund

The securities funds of our country have become larger and more various with the development of the securities market. They play important roles in the market. It is significant and essential to found a mature system of funds performance evaluation, but the research in this field just begin in China.At present, relatively lagged fund performance evaluation can not adapt the demand of further development in the fund market. Establishing scientific and complete fund performance evaluation system to make all quarters in the market carrying on the objective evaluation to the fund performance and the investment effect, not only has very high theory value, but also has important and urgent significance for healthy development of investment fund.As open-ended funds become the main stream, this paper mainly researches in this field. In the chosen period, the situation of the whole securities market was great. It had a long period of rising. So the results show that the performance of open-ended funds is in a tendency upturn. The results can be used to compare with the previous results of studying in order to get correct results. The previous studying pays more attention to closed-funds, however, this paper studies the open-ended funds performance. The open-ended funds performance reflects the real ability of management without the influence of the distribution of new stocks. This article only studies the stock funds and the same kind of funds has similar characteristics. So the results of studying are more reliable.First, it introduces the development of the fund industry and analyzes the characteristics of funds. Second, we review the indexes and models about the performance evaluation of investment funds and compare with each other. Third, it demonstrates analysis using the weeks'data of 29 funds , which was founded before January 1st,from January 4th 2006 to September 28th ,2007. Including yield rate, risk analysis, single factor model evaluation and the ability of market opportunity choosing and stock choosing and multifactor model evaluation. At last, the paper draws the conclusions: The open-ended funds performance isn't better than the whole securities market. The risk of market is the main factor of the total risk of open-ended funds, and the performance of funds is decided by the performance of market portfolio. The securities investment funds have some securities selecting ability, but its market timing ability is weak. The influence of scale factor is obvious; the factor of value has some influence, but it is not obvious.