China Securities Investment Fund Performance Evaluation Empirical Analysis

In our country, the first strict enclosed securities investment fund—Fund Jin Tai had been established since March 1998. Our securities investment funds quickly developed, and the scale unceasingly expanded. In 2001, the stock market of our country promoted the first open investment fund, so it can be said that the fund service of our country had experienced the developing process that the open followed the enclosed. Up to the present, the investment fund of our country developed more quickly, and we had several dozens funds to go on to the market every year, so buying the fund already have already became the topic which common people of our country frequently discussed. The appraisal to the fund achievements had became an extremely valuable topic, and the research to method of fund achievements appraisal had became the research direction which the multitudinous fundamental research scholar extremely favored, therefore, the appraisal to the fund had the extremely important theory significance and the practice significance. Concretely said that (1) By carrying on the appraisal to the fund achievements, we are able to provide some suggestion to purchase the fund for the investor and especially for young investor, and to help the young investor correctly to choose the fund. (2) By carrying on the appraisal to the securities investment fund achievement, we can promote the superior fund to win and the inferior to be washed out. (3) By carrying on the appraisal to the fund achievement, we are able to provide some reference decision information for the supervising and managing authority of fund, and may enable authority to understand the Fund Company and actual information of the fund market, and further formulate the corresponding policy. (4) By carrying on the appraisal to the fund achievement, we are able to promote the superior fund to win and the inferior to be washed out,and enable the entire social fund resources to achieve the reasonable disposition. (5) By carrying on the appraisal to the fund achievement, we are able to more accurately transmit information of the fund company to the investor. The research takes the technique of both the theoretical analysis and the real analysis to carry on the appraisal to the representative fund .The overall frame of the article is as follows: The first, second chapters separately introduce domestic and foreign research on the appraisal to the fund achievements, and this article research characteristic as well as innovation, and the simple introduction to the fund knowledge. The third chapter carries on the real appraisal to yield rate after risk adjustment. The fourth chapter carries on the appraisal to the fund achievements from fund manager ability, in other words, from the fund manager's management ability. The fifth chapter carries on the appraisal to the fund achievement from fund achievement endurance. The sixth chapter applies the factor analytic method to carry appraisal to the fund. The seventh chapter, according to the research and the real result, proposes the purchases suggestion for the investor.Through carrying on the appraisal to the securities investment fund achievement, we specifically draw the conclusion:(1)In the present fund market of our country, the Sharp Measure has the representation, and has the very high reference significance. We choose the fund of 25 to carry on the achievement appraisal according to each different measure, and obtain astonishing similar result, and we carry the relevant analysis to the appraisal result, finally obtain that Sharp has the representation.(2)The fund has already been the full disperser, and the fund total risk and the system risk approach very much, and the non-system risk is nearby already dispersed.(3)Theβof fund is nearby 1, and this shows that the fund combination risk and the market index risk are nearly the same.(4)The fund achievement has the short-term endurance.(5)The fund managers have remarkably ability to choose the stock, but only about 1/3 fund managers have remarkable ability of selecting time.(6)Through the factor analysis, we induce the multitudinous appraisal targets to three aspects, and they respectively are: rate of return aspect, risk aspect, fund manager's ability of management aspect, rate of return aspect represents the short-term aspect of the appraisal to the fund, and the ability of management aspect of fund manager represents the long-term aspect of the appraisal to the fund.