China's Open-end Fund Rating And Analysis,

Scientific and reasonable fund appraisal does well to its healthy development. Objective appraisal can provide valid investment reference to investors, guides them distinguish the fund's investment style and investment value; Objective appraisal can provides advantageous support for the management company's investment control, the personnel drive and the product camp sells, forms smoothly investment and management feedback mechanism; Objective appraisal can provides reliable information for the financial supervising and managing department, forms valid supervision and management mode. In some extent, we can say open fund's healthy development can't leave appraisal's support.Establish a valid system to appraisal fund is complex, especially when we using it to judge investment value of one fund. This article is studies about this subject. Firstly, conduct contrast research about the domestic and foreign existing funds achievement rating theory and the method; then analyzing the character of appraisal system of American Morning star company and domestic main securities company. Then try to constructs an appraisal system which could serves for the investor. Finally, do demonstration research about current open fund market.The main research achievement and innovation of this article manifests in following several points:1. Classify and summarize each fund achievement appraisal method, and indict, in the appraisal process, each kind of target specially the risk adjustment income target may caused some mistake when we applying it.2. Summarize the appraisal system of morning star and the domestic, indicates some unfairness is exists in morning star's system.3. Summary and appraisal the income and risk of open funds, and points out the insufficiency of standard variance in measuring risk, proposes the value at risk index is more reasonable, and points out use the history simulate method to calculate the...