The Construction And Application Of The Performance Evaluation Of Open-end Fund In China

Since the foundation of bond invest funds in china in 1997, the fund industry developed rapidly in our country. By the end of 2007, there are 363 funds in our country: 317 open-end fund, 37 close-end fund, 4 QDII and 5 ETF. The rapid development of fund industry plays an impotent role in exploration of the investment market, but the increasing funds number and the increasingly colorful fund styles caused difficulty to the investors to choose appropriate funds. Because of the gathering funds, disperse financing risks and professional financing characteristic, open-end fund is thought to be a lower risk investment. The risk of open-end fund was ignored by many people when the stock market is rising high in 2007, therefore, people are disorientated when the price of open-end fund went down since the first quarter of 2008. All the above objectively require a simple and feasible model to evaluate the performance of open-end fund.There are many discussions of close-end fund in the existing document, while there is less research on the performance evaluation of open-end fund, especially less on the study of historic data of the funds and then offer a visual investment reference. This paper is purposed to fully analyze and order the open-end fund in China, and provide reference for building the performance evaluation system of fund industry in our country, in the meanwhile, offer an objective and historical reference to investors for choosing open-end fund by analyzing the historical data of open-end fund and exert theory pricing method to explore D value.This paper is divided into 6 chapters. The first chapter makes an overview of this paper and expounds the study background and significance, research summarization both inside and outside the country, research method and aim, the possibly innovations and deficiencies. The second chapter introduces the realistic significance of the open-end fund study and the elements of bond invest funds, and review the fund industry historical development. The third chapter introduces the theory background of open-end fund study, and makes a simple review of the theories of fund performance. The forth chapter, the core of this paper, puts forward an idea of performance evaluation: theory pricing method, describe the theory base of the model, assumed conditions and the content of the model. The fifth chapter is the practically application of theory pricing method, and calculates the open-end fund market. The conclusion is made and put forward some expectations in the sixth chapter.