Research On Scale, Investment Turnover Rate And Abnormal Return Of Stock Open-ended Fund In Chinese Bull Market

After seven-year rapid developed,especially the People's Republic of China Securities Investment Fund Law implement in 2004,chinese open-ended fund has been the one of selected important investment tools in China.However,with the fund's numbers and types increasing in 2006,and with investors' demands diversifying,it becomes the urgent task how to evaluate the fund's return and the fund managers' investment abilities,also it is important how to help investors select the right funds that suitable to their investment objects.First of all,I elaborated main theories and the application models of achievement appraisal systems about the stock open-ended funds, and reviewed the domestic and foreign research conclusions and the real diagnosis results separately aiming at the different aspect of the fund achievement appraisal system.Then I made the analysis of the data of fund asset size, investment turnover rate and abnormal return with the Statistics theories of correlation and clustering.The conclusion we got is that correlation between fund asset size and investment turnover rate of stock open-ended fund is negative in chinese bull market. But the correlation bewteen Investment turnover rate and abnormal return is not Significant. The fund scale which surpasses 10 billion Yuan is difficult to runwins the market and the ability of obtaining abnormal return also drop. The scale of fund which is lower than 500 million Yuan has obviously high investment turnover rate,investment turnover rate is lower than the average level. But funds which have 3.7 billion yuan scale in the securities market more easily obtain a higher return. This conclusion has the universal instruction for the general fund investors and reference for fund management companies on the issuance of fund scale.