The Research On Evaluation System Of Funds Of China

In recent years,especially since 2006 China's funds market had experienced great development.Therefore the funds market plays much more important influence on the whole financial market.As more and more investors come into the funds market,they could not make right investment choices of those funds products that emerged in the market.So in this case,the evaluation system is in urgent demand.In order to meet this demand,some domestic research organizations accomplished some achievements, but those systems designed could not satisfy demands.And their research could not follow the change of market.On the foundation of researchers' works before,this paper proposes a new complete evaluation system of funds.This system includes not only quantitative analysis but also qualitative analysis.And in the part of empirical study this paper selects 16 open-end stock funds that were set up before year 2004.And in these sample pool,the data starts from 2005.5.30 to 2008.12.26.Because during this period the stock market experienced a complete fluctuation cycle.Then we conduct analysis of those sample funds' net value yield,risk-adjusted index,the fund manager's investment talent of security selection and market timing selection.Finally,we conduct the comprehensive ranking with the factor analysis method.Main conclusions of this paper:First,during the study period the open-end stock fund did not perform better than the market investment portfolio.Second,T-M model shows that the fund manager's do not have talent of market timing selection,but they do have security selection talent.Third,the open-end stock funds' liquidity risk is high.The last point is that we need theory innovation to meet the market demand on the evaluation system...