Empirical Analysis Of Chinese Open-end Funds Performance

As the rapid development of open-end funds in our country,the open-end funds is playing a more and more important role in finance market.How to Rationally and quuitely measuring their performances is important and meaningful for the defferent market participants.This paper studies the foreign Evaluation System for the Securities Investment Fund, and selects several stocks open-end funds of different fund management companies,trying to Empirical Analysis the performance of Chinese open-end funds in Chinese circumstance,certain result would be contributed to the further research.This paper Comprehensively apply single-factor risk-adjusted returned indexes,T-M model and H-M model analysis method an so on,take several perspectives like the fund income and risk ability,manager's investment managerial ability of the fund,the source and analysis of the fund performance,and the achievement constant ability.By empirical analysis, conclusions can be drawn as follows:Relaying on initiative investment,open-end funds do not performance excels market benchmark,and get abnormal return.The system risk is the main factor to infect the total risk of open-end funds,but non-system risk take a main proportion in total risk.open-end funds managers does not have distinct characteristic of selective abilities and market timing ability.The open-end funds does not show distinct characteristicn performance persistence in middle-term and long term but in short-time.Lastly,the writer put forward some suggestion on the development of open-end funds in China on the basic of the empirical research result.