Open-end Fund Performance Evaluation Of Empirical Research

With the fast development of the open-ended funds, it has important significance to evaluate the open-ended funds performance objectively and roundly. So far, there are many scholars who have made empirical study on Chinese open-ended funds performance , but a lot of changes have taken place through several years' development, such as fund category, the increment of the fund scale, the fund investment style presents diverse etc. At the same time, through several years' operation, the operation ability of each big fund company is gradually maturing with perfect, therefore, there must be some big change in the managed funds performance. At the moment ,it's better to adopt the long-terf data to evaluate the open-ended funds performance objectively. Owing to these, in order to have a new cognition of the open-ended funds performance, it is necessary to add new data to make a new empirical study on Chinese open-ended funds performance.This thesis firstly gives an analysis of the topic's significance .Secondly a revision of the main literature and ways about the open-ended fund performance evaluation, including overseas and domestic studies. Thirdly, the theoretical basis of open-ended fund evaluation was discussed.that is, the present status of Chinese open-ended fund in Jensen Model and TM Model. Forthly, based on the domestic and international related research results, to make roundly empirical study on Chinese open-ended funds performance ,the author choose 61 funds which have been issued before the Jul 5th,2004 as the research objects. In the process of the study, this paper adopt earning rate index, earning rate index--Jensen Index and T-M models that are used to evaluate the managers ability to securities selecting and market timing. According to the research results , the earning rate of open-ended funds in our country is higher than that of market benchmark portfolios on the whole; At the same time, the abilities to securities selecting are fund in all of the open-ended funds ;But market timing is absent in the half of the open-ended funds . Finally, on the basis of which the suggestions of domestic security development were provided.By means of the research of open-end performance I hope that we can make an improvement in the understanding of open-end fund performance evaluation, and investors involve in open-end fund investment will get some valuable information.