| The performance of security investment funds has been a hotspot in the area of investment and financial theoretical research. . It can help the investor to decide which fund is the one to invest. And it can help financial economics to test the correctness of EMH or efficiency of a market.With a history of more than 100 years, investment funds has become an important invest tool in the western country. Nowadays, the measure of investment funds performance has been mature. China only has a development history of investment fund for less than 5 years. The research on the performance of Chinese investment fund has been ignored for quite a long time. Some researchers have ever wanted to do some research on this point but gained little progress for the limitation of Chinese security market and the short of data. The author does some researches on several investment fund performance index. The major focus can be summarizes in two areas. First, the choice of performance index, that is which index suits for China; second, the level of performance, that is, how the funds performed against there measurement; third, the source of the performance, that is, why do they perform like this, or alternatively, what are the engines that drive these performances.This paper composes of four chapters. In the first chapter, the author reviews the development of Chinese investment fund and the significance of measuring investment performance. In the second chapter the author does a research on the performance index. And then, in the next chapter the author give an empirical study on Chinese investment fund. In the last chapter, the author gives a discussion on several theoretical and practical problems.In this paper, the author makes several innovations, the most important of which is : (1) non-CAPM based performance indexes;(2)rethinking on EMH; (3)modeling the run of an open-end investment fund. |
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