Based On The Dea Model Of Open-end Fund Performance Evaluation Studies

For a long time, As a part of the investment fund industry, theperformance evaluation of investment funds is a theoretic and practicalresearch topic. In western developed countries (Especially in American),there are many studies in this aspect and the fruit is abundance. But thisaspect is still in primary stage in our country. Many Chinese scholarsused the sutra model of other country to evaluate the investment fund ofour country. With the development of our country investment fundsindustry, it needs a general and available funds performance evaluationsystem which adapts to the condition of our country.This article makes use of the data envelope analysis method toevaluate the open-ended funds performance of our country. Such aspectswere discussed and studied:First Summarizing the present studying conditions of performanceevaluation of investment funds in our country and others. Analysing thedeficiency of using DEA model to evaluate funds performance of ourcountry. On the basis of problems, we advancing the context and notionof this article.Second This article has analysed the sutra model. On the basis ofcondition of our country. We choose the square root of funds month meanyield,Beta coefficient,Unit funds expenses rate and the alteration rate offunds share as the devotion index, Choose funds month mean yield andthe rate of main asset to funds net asset as the product index, Choose thedevotion C~2R and BCC models with preference cone as evaluating model.Then this article mends the funds performance evaluation system of ourcountry open-ended funds. In the confirming of preference cone,according to the evaluation aim of this article, we use the orderingpreference cone to limit the index weight in some sort. Then the systemwill be more according with the realism.Third Applying the mended evaluation system to empirical analysis56 open-ended stock funds of our country. Evaluating the total efficiencyand simple technical efficiency of the sample funds. Exploring the reasonof the unefficient fund. The result of empirical studying shows: Manystock funds are not efficient. And there is no relation between funds scale and funds efficiency. The model with preference cone is more accurate inevaluating open-ended funds performance than common model thoughthe result is correlative to the common model.