Based On Factor Analysis And Dea Open-end Fund Performance Evaluation

Open-end funds in recent years, both in quantity and size of both the rapid development, especially in 2006 to obtain the best performance in history, attracting a large number of investors, access to unprecedented prosperity. Fund performance is also more and more research theory and practice circles. However, the performance of the Fund's research in both depth and systemic deficiencies still exist in certain, China's fund industry's rapid development, there is an urgent look forward to a fund for China market status of the Fund more effective performance evaluation system.In this paper, based on analysis of the DEA portfolio evaluation on China's open-ended securities investment fund performance evaluation has done a study as follows:First of all, the fund performance evaluation conducted research into and summary of the DEA analysis method evaluating the performance of the fund relative weaknesses about the issue and put forward the side of the train of thought and study.Secondly, this paper comparative analysis of previous studies and evaluation of the classic models, combined with the status quo of China's fund market, based on analysis of the DEA's portfolio of evaluation methods. This method is a combination of factor analysis and DEA 2 methods of the advantages to the Center for the DEA in order to factor analysis for the assistance, through the factor analysis on the input and output indicators to deal with the range of input-output indicators grouped into a number of clear The economic significance of public factor, so as to the use of DEA model to calculate the various decision-making unit of the relative value of efficiency and achieve the sort of decision-making unit.Finally, use this article to improve the evaluation system on China's stock-based open-end fund on January 1, 2004 -2008 year on June 29 of the Research Positive financial data, through analysis of 10 indicators will be grouped into 4 different economic significance of the Public factor, and then use DEA method of CCR and BCC model model to assess the operational efficiency, pointing out how the amendment is invalid fund its input and output items, to enable them to achieve optimum efficiency of the situation; funds to explore the reasons for inefficiency, Investors, regulators and the fund managers put forward relevant proposals.