The Theoretical And Empirical Research On The Performance Evaluation Of China's Security Investment Fund

As the rapid development of Chinese fund industry,open-end funds have become more important in the securities market.Fund performance assessment is the management guide of fund managers and fund investors.A scientific and rational assessment of fund performance can provide useful information not only for fund companies but also for investors and regulatory authorities,which is a critical link of the fund industry norms and healthy development.First,the paper compares each evaluation index and model of the fund performance in theory;and then,it applies each evaluation index and model of the fund performance in positive analysis.Selecting 24 open-end securities investment funds as research object,the paper investigates the return and risk level,the total performance,security selection ability and market timing ability,it also compares the different results and selects the most suitable model.The paper draw a conclusion that China's security market is inefficient with huge systematic risk,what's more,fund manager has no security selection ability and market timing ability.Because these evaluation methods are based on different risk factors,the conclusion is inconsistent. Combining the information that each fund performance evaluation reflects in the positive analysis,the paper designs a comprehensive fund performance evaluation model to evaluate the fund performance. Lastly,the paper puts forward some suggestions on further development of security investment fund in China,founding on the empirical research results.This study is a overall analysis of measuring the comprehensive performance of Chinese fund market, which will provide practical significance to deepen the movement observation of Chinese stock market and deepen the understanding of organization investors' behavior and the function.Also,it will take effect in promoting the development of Chinese fund industry norms.