Based On The Eva Model Of Closed-end Fund Investment Style

From the beginning of 90's, Close-Ended fund in our country begins to appear, and develops gradually from originally block of wood norm to step-step norm, from initial small dish fund to big plate fund in the afterwards. Close-Ended fund follows a developing way. This article explains theoretically the style of investment of Close-Ended fund through expounding the Close-Ended fund and Open-Ended fund in terms of theory, and comparing the running way of the two kinds of funds. Close-Ended fund adopts the most common method of classification of different styles of investment, which divides the close-ended fund into three types—the type of growing up, the type of balancing and the type of value in this article. The style of investment of Close-Ended fund in 2005, 2006 and 2007 are studied by using the method of EVA. From the article, we know that the Close-Ended fund in our country majors in growing and balancing types, with growing Close-Ended fund being in the lead in general. Close-Ended fund and its investment style shows effective in security market but the investing value is underestimated by the market. It should be worth the investers' first priority. In the meanwhile, this article tries to explore applying Close-Ended fund to practice, relating the stated theory with the case of c market Securities Agency, which are also verified and proved in practice.