| As the financial system with ever-changing market, the financial technology of constant innovation and securities investment fund with economies of scale, professional management, diversification of risk, low investment, low-cost, highly mobile, and other characteristics, and from other financial instruments emerge become an important global financial investment tools. Foreign nearly a century of practice has proved that the fund industry created by the productivity far beyond the people's imagination, from the prosperity and stability of the market perspective, and its significance has been much higher than the banking and securities industry. Domestically, with the scale of securities investment funds, the continuous expansion of the types continues to increase. Securities investment funds to the comprehensive scientific evaluation on the development of the fund industry has become a key component. However, China's fund industry is still in its assessment of the initial stage, has not yet formed a complete and was unanimously approved by the Fund's evaluation system. In this context, we hope that by drawing on foreign funds to the performance evaluation of the experience light of China's national conditions to the extent possible, the real, Multi-angle analysis of China's securities investment funds in different markets during the performance characteristics, If the return on investment funds and the risk, the fund managers of timing ability and selective ability How, Fund performance is whether continuing, and so on, to fund investors, regulators, Fund management companies, and the development fund to provide some reference, to guide the flow of resources to have more rational investment ideas, asset management capacity excellent fund management companies, achieve the optimum allocation of resources, thus promoting the concept of investment market to mature.This paper first pair of mature Western markets fund more commonly used to assess the performance of our model in the application of comparative analysis. The author selected by the end of 2002 before the listing of the 15 open-end fund as a fund evaluation of the samples, to January 4, 2005 to February 16, 2007 This two-year time period for the samples, Univariate overall performance assessment model: Sharpe index, OPTIONS index and the index of Jensen Fund samples were evaluated. Since then, the single factor analysis of the model results, we constructed a model of factor analysis, using SPSS software to sample Fund for a comprehensive assessment and evaluation so that the greater the coverage, more of a scientific sample of the fund rankings, analysis. In addition, the paper also selected T-M and H-M model to the Fund Manager of selective ability and timing ability to conduct empirical analysis. Finally, the article also discusses the analysis of sustainability of the Fund. to explain the preliminary results of the analysis can be used to predict the performance of the late, the authors selected cross-section regression analysis. In this paper, the innovations are mainly in the following aspects : (1) focus on the combination of current market features targeted on the Fund to make comprehensive measure. Its purpose is to spread the risks test of investment objectives of the Fund can really better to avoid risks. (2) multivariate statistical analysis of factor analysis of single-factor model for the evaluation of results, be intuitive and scientific Fund Consolidated rankings. (2) Pending the results of the evaluation, based on the fund manager's management abilities. From the time series data analysis performance of the source of funds, first for the qualitative analysis, Fund managers determine whether election-Selection and capacity for further quantitative analysis, determine the Securities choice and market timing capacity sizes. (3) the use of paper closest to the style and period of the selected sample cross-section regression of ongoing research studies to be more scientific findings. (4) In the sample selection, focus on the evaluation of the length of time and to minimize the scale of the selection of funds to enable comparability between funds. (5) the risk of the Fund for a multi-level studies to clarify the evaluation of the funds during the main source of risk. |
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