| On March 27,1998, the security investment funds of KaiYuan and JinTai were founded after 8 years of development of the security market in China. And after 4-year development, the security investment funds have gradually grown into maturation from infantilism. By the end of Oct. 2002, there are 54 pieces of closed-funds founded, which have collected 81.7 billion Yuan, and 12 pieces of opened-funds founded, which have collected 42 billion Yuan. The total scale of funds has reached 12.37 billion Yuan, which accounts 9% in the Shanghai and Shenzhen currency stock market. It is concluded that the security investment funds have been one of the important parts of the security market in China, because it plays a key role in stabilizing the security market, enlarging the investment room, improving the investor's structures, and promoting the activity of the market. Therefore, more and more experts pay attention to the operation and characteristics of the funds, trying to learn the performance evaluation of funds and the infection factors.Much research has been done on the performance evaluation of funds, and some experts abroad have set up a mature and systemic theory system through decades of hard work. But related research in China is still very primary because the security investment funds appear and exit in China for a short time.This article, based on the typical evaluation methods of the investment funds (Tranoy performance Index, Sharpe performance Index, Jesen performance Index, T-M model, H-M model) and the practice in China, is designed to evaluate the performance in the past 3.5 years by seven phases to help to improve the performance evaluation system on the funds in China. In addition, the researcher (I) analyzes the influence of the performance of investment funds by the scale and capacity actors, i.e. the relations between the performance of funds and the capacity (capacity means the rate between the scale of funds and the scale of the A stock market in China), and " scale of economy " of the investment funds, trying to help the government to make decisions on the following two questions: what the rate between the scale of funds and the scale of the A stock market should be, and what the scale of every investment fund should be.The research makes the following conclusions:1. The data in my study is not auto correlated, which meets the requirements of the OLS method. And the methods selected (CAPM model, Jesen model, T-M model, H-M model) can be applied in the funds market in China and serve as guidance.2. The performance of funds market in our country is better than the whole security market. But due to lack of Statistical support, and it is full of high risks.3. China's security investment funds have some selecting abilities, which still has not been supported by the Stat, and its market timing ability is weak, so the ability of funds' payoff just comes from the market average incomes now. And the capability of selecting and market timing usually can't work together at the same time.4. The payoff level of funds will be restrained with the increase of its capacity, though the influence of the factors of capacity on the performance of funds is not big.5. With the increase of funds' capacity, the capability of market timing will be improved, but the capability of selecting will be restrained.6. There are "scale of economy" in China's funds, and the performance of the great scale funds are usually the best.7. The factors of funds scale can promote the capability of selecting, but will do harm to the capability of market timing. |
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