Analysis On Comprehensive Assessment Of The Performance Of China's Open-ended Investment Fund

Since September 2001 the first open-end fund Huaan innovation's establishment, with the stock market ups and downs of the unconventional, open-end funds have great development at a rapid trend. Its flexibility and freedom of investment and professional management, risk of multiple dispersed, won the favor of investors. Securities investment funds are considered to have expert financial advantages, should bring good returns for investors. But how to make the peformance of the Fund's investment objective and fair assessment, to help fund investors make the right investment strategy, choose to go to the excellent performance of the fund, which is one to be resolved but has important practical significance.First, the structure of article is as follows:Chapter 1 of Introduction briefly explains the background of writing and research significance, as well as domestic and international current status of research on fund performance, research method, research focus and frame structures. Chapter 2 describes the theoretical basis for fund performance evaluation and the reference to the domestic and international fund performance evaluation methods, such as: capital asset pricing model, fund performance evaluation of a number of single-factor model, etc., as a theoretical basis for this follow-up study. Chapter 3 is based on factor analysis of fund performance of an integrated approach to build, in the process of factor analysis model we first introduced the main principles, and the use of the existing model, based on the analysis of selected primary and secondary indicators, and on the common factor was named methods and interpretation. In chapter 4, according to China's 29 open-end fund's latest fund performance, we make empirical research with using of factor analysis model. Chapter 5 is the analysis of this article to obtain a summary of the results.Second, the innovations are as follows:1) In this paper, we tried to make a new comprehensive fund performance evaluation system in base of absorbing what others have already built. The evaluation system, which considers the fund running multi-faceted business, includes:benefits, risks, costs, managers'capacity, investment concentration, etc. expecting to make a comprehensive assessment of the performance of the Fund.2) In empirical research, this article focuses on the reasonableness of the sample selected, and if possible selects the various fund of funds, select the size of the fund rather to make it comparable.3) We take the method from the part of the research methodology to the whole, from a single-factor analysis to promote a comprehensive analysis of multi-dimensional approach. In practice, studies focus on the combination of theory and practice, so that research findings will be in line with reality as much as possible.Third, the inadequacies of this article is:1) Comprehensive Evaluation System of this article cited in the classical theory as well as the use of indicators will be achieved only when they are under the strict assumptions, but whether China's stock market today meet these conditions, the rational need for further verification.2) During the original data collection process, we should take weekly data in order to measure the sample data. Due to lack of information on the database, we can only select the quarterly data, and then transform quarterly data into weekly data; this calculation may have bring errors to the final result.3) Because of China's Securities Investment Fund has a short history, in particular, is even more open-end funds began in 2001, so the choice of the sample funds are relatively limited, and the shorter running time due to the fund, which makes choosing a sample period of three years, may to some extent affect the validity of the Fund Performance Evaluation...