Evaluation And Research Of DEA Appling On Open Style Fund Achievement Validity

With the surge in the prominence of securities investment funds sector in financial markets, the ability to accurately measure the performance of these funds has become vital.The dissertition makes use of the data envelope analysis method to evaluate the open-ended funds performance of our country. Such aspects were discussed and studied:First summarizing, the present studying conditions of performance evaluation of investment funds in our country and others. Analysing the defleiency of using DEA model to evaluate funds performance of our country. On the basis of Problems,we advancing the context and notion of this article.Second ,The dissertition has analysed the sutra model, on the basis of condition of our country. We choose the square root of funds month mean yield,Beta coefficient,Unit funds expenses rate and the alteration rate of funds share as the devotion index,Choose funds month mean yield and the rate of main as set to funds net asset as the product index,Choose the devotion C2 R and BCC model swith preference cone as evaluating model. Then this article mends the funds Performance evaluation system of our country open-ended funds. In the confirming of Preference cone,According to the evaluation aim of this article, we use the ordering Preference cone to limit the index weight in some sort. Then the system will be more according with the realism.Third , applying the mended evaluation system to empirical analysis 56 open-ended stoek funds of our country, evaluating the total efficiency and simple technical efficiency of the salmple funds, exploring the reason of the unefficient fund, The result of empirical studying shows: Many stock funds are not efficient. And there is no relation between funds scale, And funds efficieney. The model with Preference cone is more accurate in evaluating open-ended funds Performance than common model though the result is correlative to the eornrnonmodel.