Factor Analyst Rating Method And Data Research To Chinese Open-Ended Fund

This article begins with the history of mutual funds. In 200 years, the fund was originally set up because of financing needs of enterprises to produce has become a giant of the financial investment community. At the same time, type, quantity, size of the rapid development of emerging innovation. Now in China, there are open-ended funds, closed-ended funds, money market funds, index funds, ETF funds, LOF Fund, QDII fund. After the introduction of stock index futures in 2010, I believe there will be more types of funds available. However, faced with "a hundred schools contend", how to choose and carry out performance evaluation has become an important research topic.In fact, since 1960's, domestic and foreign scientists continue to explore Performance evaluation methods of mutual fund. In this paper, yield evaluation,βcoefficient, Treynor coefficient, Sharp coefficient, Jensen coefficient, T-M model method, fama model method. One particular concern is VAR (Value at Risk) which is proposed and applied in 1990's. VAR is a major reform of the financial sector. its evaluation in the Fund also make an important contribution. It is used to evaluate risk and Sharp factor correction in this paper.However, there is no single rating model can be recognized by all. So this paper use all kinds of popular evaluation methods to refine new public evaluation factor by factor analysis, then calculate factor scores. At last, compare rankings of the sample fund's rating. This common factor can explain all evaluation method. The indicators in Chapter II are the basis of factor analysis.In this paper, samples are week yield of open-ended equity fund from December 5th, 2008 to December 4th, 2009. In this period, Chinese economic shake off the shadow of world financial crisis and recover steadily. Both the stock market and fund market are rising. By factor analysis we get two results. On the one hand, factor total score of the ranking and the ranking of the various single indicators differ greatly. the other hand, we strip out three common factors, that is, yield factors, risk factors and selection factors. Rating results in the final yield factor and the risk factors play a leading role, and have equal shares.This paper provides a rating method, reference only. I hope it can contribute for the area of Chinese fund rating in the future.