China Closed-end Securities Investment Funds Performance Evaluation

Although China's Securities Investment Fund late start, but in the past 10 years has developed rapidly. March 1998, China's first securities investment fund established Jintai Fund, China's fund industry began. In the main regulatory norms and the continuous support, the Fund continues to expand the scale, product innovation, and gradually improve the laws and regulations, China's rapid development of the fund industry. China's closed-end funds and the fund industry, as the historical development of the most long-standing, most of the public familiar with the investment, investors have become the indispensable investment tool. But, in the face different fund investors a choice of the plight of the increasingly urgent need to provide an objective third-party investment reference, the correct evaluation of the performance of the growing importance. With foreign fund several decades compared to the success of operating history, China's securities investment funds is still in the initial stage, a small scale, market operators, such as lack of experience with more prominent problems, the lack of a comprehensive scientific assessment of the performance indicator system. Therefore, at the level of theory on China's securities investment funds research on the operation of the operator's performance is very necessary and urgent. In view of China's Securities Investment Fund Performance Evaluation of the status quo, which closed this option securities investment funds, their performance on the comprehensive evaluation of empirical analysis.The empirical research from the following three areas. First is the single factor evaluation. In accordance with the single-factor model, were calculated for each fund index Sharp S, T Treynor Index, Jason J index, the Fund's average yield RPJ, single exponential model estimates the excess proceeds RCE system and the risk BETA, standard deviation SDE, standard error SE, standard error SDR nine indicators. Fund will yield indicators, as well as the three risk-adjusted performance index of the sort of fund results on February 2 pair, and test its relevance. Second factor analysis. As more indicator variables (nine indicators), thereby increasing the complexity of the analysis. Because these indicators are certainly among the relevance of this to illustrate the indicator is the number of the same factors affect the public. Therefore in order to reduce the difficulty of the problem, In this paper, using factor analysis method to achieve the purpose of simplification of data, that is, according to a certain standard, does not extract a few variables related to the comprehensive as possible to reflect the original variable information. Finally, there is regression analysis. TM, using models and HM model, the overall performance of the Fund decomposition of the results.The results show that China's closed-end funds is superior to the performance of the overall market performance, but the performance to a great extent, on the market system from the risk of the investment fund managers in the fund performance can not be better reflected. Front against the conclusions of the relevant interest groups to put forward practical proposals.