| By the end of December 2007, there are total 314 security investing mutual funds including 279 open-ended funds. Because open-ended mutual fund was born with withdrawing freely, its scale changes all the time. Efficiency also will be affected directly or indirectly. Facing a huge scale withdraw per se is a liquidity risk, it is a purpose to study mutual fund to void risk and improve efficiency. For these reasons it is very necessary to research the impact caused by withdraw rate in funds' efficiency.This paper firstly analyses background and purpose of the chosen subject, briefly introduces related research result abroad and inner. After that this paper talks about disadvantages of the remained methods in analyzing efficiency of mutual fund theoretically, and gives the theoretical support on putting withdraw theory into efficiency analyze. Secondly this paper introduces logistic of using DEA and entropy, starts to build open-end mutual fund efficiency analyze model based on withdraw rate, including model on efficiency and rating model on entropy weight. The demonstration part uses Data Envelop Analysis to analyze the efficiency of all thirty open-end mutual funds which have been existed for more than four years. After that entropy weight is used to sort the sample funds which are considered effective while those ineffective ones are given suggestion to adjust.At the last part this paper gives conclusions: the efficiency of open-ended mutual fund has negative connection with its withdraw rate; samples are in effective mainly because of high withdraw rate and high cost per unit asset; growth of unit asset effects entropy most and funds with high withdraw rate stands behind on the entropy list.This paper synthetically uses data envelop analysis (DEA) which starts from mathematics and entropy which comes from thermo mechanics to test and sort these mature open-ended mutual funds in Chinese market. It is a new methodology in estimation area. |
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