The Empirical Study On The Performance Evaluation Of Chinese Stock Open-ended Funds

As the mainstream varieties of securities investment funds, open-ended funds become the important investment force and financial instruments. To evaluate open-ended funds comprehensively and systematically has an important meaning both from a practical and theory perspective.Firstly, beginning with the characteristics of open-ended funds, introduced the classification of the open-ended funds and the overview on the development of our country's open-ended funds. Secondly, introduce the evaluation of the traditional methods. On this basis, the author appraises the applicability of these methods in china and chooses some to evaluate the china's open-ended funds.In the empirical research, this thesis selects 35 stock type open-ended funds which have carried on three years. This paper adopts single-factor, T-M and H-Models, consistent analysis which is used to value the performance of open-ended fund. According to the research results, the earning rate of all stock type open-ended funds is higher than market portfolios. A small number of stock open-ended funds have significant abilities of securities selecting, but most of them have the abilities of securities selecting. There are hardly any stock open-ended funds that have significant abilities of market timing. Less than the half of the sample have the abilities of market timing. The conclusion of T-M and H-M model is highly uniform, so in practice we can choose any one kind of them to evaluate the managerial capacity of the open-ended funds.