China's Open-end Fund Performance Evaluation Studies

Investment funds have become an important investment instrument all over the world. As China's financial market has been improved step by step, the scale of investment funds is expanding unceasingly. Because their investment ideas and operation modes differ in characteristics and style, their performance and the risk is different to a large extent. Thus it is necessary to evaluate the performance of investment funds.Based on the comprehension of mature theory on market fund performance evaluation and combining the characteristics of the Chinese security market and practical development situation of fund industry, this thesis chooses Treynor Index, Shape Index, Jensen Index, RORAC index, T-M model , H-M model, Regression Analysis Method and Factor Analysis Method according to three aspects: fund returns and risks, fund managers' selectivity and timing ability, fund performance persistence, and at the same time sets definition and makes amendments on related calculation index, also does empirical research on China's stock fund market.In the process of empirical research, this thesis selects 10 stock open-end funds which have run for three years in market, calls up data within 185 weeks, and then makes evaluation on investment performance of China's Open-end fund according to the above evaluation index, also makes assessment and comparison between single funds, therefore, this thesis provides certain reference for investors, fund management companies and Regulatory Commission.