The Research On The Performance Comparison Of Open-ended Fund And Close-ended Fund Based On Different Stages Of Stock Market

These years, in terms of quantity or size, the open-end fund has gradually replaced the closed-end fund and become the mainstream variety of Chinese fund market. Whether the performance of open-end fund is better than the closed-end fund's is widely concerned by investors, which is also the purpose of the empirical study.Firstly, this paper uses the experience of foreign advanced performance evaluation models and methods; on this basis, considering the fund's income, risk, risk-adjusted income, performance attribution and achievement persistence, the thesis chooses income-risk index, three classical risk-adjusted income index, T-M model, H-M model, autocorrelation test and cross product radio test as the evaluation system of the performance comparison study. Then the paper uses the evaluation system to do an empirical research of 10 open-ended funds and 10 close-ended funds'performance in the two given periods (that is 10/2/2006 to 9/30/2007——a rise stage of the stock market and 11/3/2007 to 10/31/2008——a decline stage of the stock market), which comes to the following conclusions: The overall performance of close-ended fund is better than the open-ended fund's in ether of the two given periods. Last, according to the empirical study conclusions, the paper gives some suggestions to fund investment and the fund development of our country.The study will provide practical significance to deepen the operation observation of Chinses fund, deepen the investors'correct understanding on open-ended fund and close-ended fund and promote the development of Chinese fund...