Performance Evaluation Of The Investment Fund And Fund Managers The Ability Empirical Research

With the rapid development of the funds industry over the world, the objective and scientific estimation toward funds has become the most important issue for the scholars and investors. Early in the 60`s of the 20th century, the research about estimation toward the achievement of funds has been done. Simultaneously, the system of the estimation of index came into being, such as: T index, S index, J index and the Morningstar method for achievements of the collectivce funds.Comparatively, the funds industry in China started too late. Consequently, the research of the fund hasn`t formed a complete system.As a result, when we came to the estimation of the funds, we usually adopted the abroad ripe estimative index. Due to the difference adaption of the estimation indexes such as the fiducial rate of market return and the rate of return without risk in many empirical researches, the results is quite different. For the very importance of the selection of the evaluation indexes, the writer adequately improves the correspending indexes such as the rate of return of the funds, the fiducial rate of market return, the rate of return without risk and the systematical risk index according to the the actual situation in the security market in China. On the strength of which, the synthetical appraisal method combining the simple factor method and the factorization method is adopted to give a further assessment for the achievement of the funds in China. The result illustrates that vast numbers of investment funds whose achievement prevail that of the market have a quite good accomplishment. But where does the accomplishment of the funds referred above come from? In order to reveil it, a further research is taken in use of the TM model,HM model and improved-HM model.The final result demonstrates that the accomplishment comes from the ability of the funds managers to choose the right security, while little from the ability to choose the right time.In another word, the latter capacity of the funds managers in China is quite insatisfactoring.