China's Open-end Securities Investment Funds Performance Evaluation Of The Empirical Research

The first open-end security investment fund emerged in september 2001.The total amount of 310 open-end seeurity investment funds have been 3.28 billionYuan by the end of 2007,which accounted 90% of the fund market. Currently, open-end funds have become one of the most important institutional investors in security market.Now it is in a splendid period and have a bright future,but how to guide the investors to choose the right and reasonable investment trategy, and supervise the open-end investment funds effeetively,these all challenge are signifieant. Especially building up the suitable evaluating system is more important to the fund companies, investors, and the development of security market.First,the article introduces relative definitions and the typical evaluation methods of open-end funds both home and abroad,then analyses the performance of 20 open-end funds from January,2006 to December,2007. It tests the performane of open-end funds from several aspects, such as the analysis of risk-adjusted evaluation, style-adjusted evaluation,good capability to select better stocks and time. At last,the integrated evaluation on open-end funds is my creation.The sults show that open-end funds performance better than the market benchmark ,but afford more risk at the same time. Also show that the open-end funds own good capatity in picking stocks,bad capaticy in picking time.