Empirical Analysis Of The Chinese Securities Investment Fund Performance

As a new type of financial instrument characteristic of cooperative investment, experts' operation, shared risk and common benefit, mutual funds have become an important investment instrument worldwide. With the development of our financial market, the volume of the mutual funds in our country increases gradually. By far, there have been thirty-one mutual funds management corps, eight banks that are authorized to keep the funds outstanding safe, eighty-six mutual funds with the total volume of one hundred and sixty-one billion shares, more than twelve percent of the A-shares. So that it is really an urgent task to evaluate the managers' performance. At the same time, it should be noted that the method our market usually uses to evaluate different funds is far from enough. Under such circumstances, my dissertation is to study the mature theory and model in the foreign mutual funds evaluating market so that we can learn from some that are suitable to our market now and see through different funds in the recent one year. Using the net assets per capital, the investment return rate, the T-M model, the H-M model, the single factor evaluating model which consists of the Treynor index, the Jensen index, the Sharpe index and the square M index, we evaluate the performance of the twelve mutual funds. And we come to the following conclusions: (1) After the modification of the risk factor, our mutual funds in the recent one year outguess the market; (2) Better performance comes from the aid of the government, the improvement of the investment environment and the hard, smart work of the managers especially in the way of selecting some securities in the capital market. (3) Though we make progress, there are still many problems which prevent the further development of our mutual funds such as the devise of the management fee and the characteristics of different funds, all of them divided into the subjective ones and the objective ones. So that we should make full use of the come being of the mutual funds law , try our best to normalize the mutual funds market in order to make it big, strong and brilliant.