The Empirical Analysis On Performance Evaluation Of Chinese Open-end Equity Funds

China's Securities Investment Fund was born in 1992. Until now it has past 17 years. Beginning in 1997, the Securities Investment Fund has entered a phase of rapid development. After 12 years of rapid development, it has evolved from the closed-end funds to the open funds, from capital markets to money markets, from domestic-funded management companies to joint fund management companies, from inside to outside investment. At present, securities investment funds in China's securities market has become the largest institutional investors.In this paper, Writer focus on science and rationality, use open-data and combine with investment, operations research, econometrics, and multi-disciplinary theoretical methods to analyze the Funds'performance, in order to provide reference for domestic investors.This paper use Beta coefficients, measure of downside risks, the relative risk measure, the traditional indicators of income, RAROC indicators of risk-adjusted earnings, the correlation analysis, cross-plot ratio, the persistence performance, the single factor model and DEA methods on Fund Performance to analyze fund's performance from risk level, income level, the persistence of performance and performance attributes. And the conclusions are as follows: Sample funds'major risk is from the systemic risk. High performance of funds mainly comes from high-risk, individual samples of the Fund's performance is not strong persistence; Most funds do not put the factor into the most effective using, and not make the most suitable size to run.Finally, combining with the results of the related analysis, this paper put forward countermeasures and suggestions on the point of regulatory authorities, the fund company, and the investor.