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Securities Investment Fund Performance Evaluation Method And Empirical Research

Posted on:2004-09-14Degree:MasterType:Thesis
Country:ChinaCandidate:S LongFull Text:PDF
GTID:2206360122967063Subject:Management Science and Engineering
Abstract/Summary:PDF Full Text Request
In recent years, with the development of capital market in our country, Equity investment fund sector has been grown very rapidly. Measuring the performance of equity investment fund can provide the fund corporation, investor, and supervisor with abundance information that can be used for decision. So measuring the performance of equity investment fund became more important than before. This paper study the performance measurement of equity investment fund as followings:Firstly, The paper summarizes the foreign and domestic scholars' research on the performance measurement of equity investment fund. Through comparing with the advantage and disadvantage of pure earning method (per net capital, investment earning ratio)and risk-adjusted method (Jensen Index, Treynor Index, Sharpe Index, M2, T-M model, H-M model, Morning Star). The paper point out the existing problem on the performance measurement of equity investment fund.Secondly, The paper put forward the principles of performance measurement criterion. According to these principles and the methods that used by the foreign and domestic scholars, the paper adopt the entroy method to measure a year performance of 53-listed equity investment funds in China on the given assumptions. The conclusions show no difference with some domestic scholars'.Lastly, The paper sums up the existing problems on the performance measurement of equity investment fund. Including: choosing measurement criterion portfolio and riskless gaining indexes, making the assumption reasonable and efficiently, replacing the measurement information timely, treating the measurement indexes rightly. In order to solve these problems, the paper suggests that: Normalizing our equity market; promote efficient of the equity market; Perfecting the information-opened rules of equity investment fund, make information more transparent and openly; Establishing standardization performance measurement system of equity investment fund; Perfecting the compositions of equity investment fund operation system; Changing the assignation system into qualification verified system; Founding special intermediate measurement institutions.
Keywords/Search Tags:Equity Investment Fund, Performance Measurement, DEA Method, Pure Earning Method, Risk-adjusted Method
PDF Full Text Request
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