China's Securities Investment Fund Performance Evaluation System And Its Empirical Research

With the development of the Chinese securities market, it has been of great necessity and urgency to study the investment funds. Taking into account the differences among performance evaluation models and Chinese exclusive characteristics, the author detects and designs a set of evaluation system which can reflect objectively Chinese conditions.Firstly, the author introduces briefly some basic knowledge, theory basis and mature evaluation methods, In the light of the characteristics of the Chinese securities markets and investment funds, we establish very ocular evaluation system. In the empirical studies of part four, the author studies emphatically on how to add back the management expense and deducts the gains from private selling of new shares on basis of rational choosing to parameter. Last the writer rejects relativity to empirical results of indices and receives synthetical evaluation results.The results of this paper show the Chinese securities investment funds as a welcome investment tools, whose performance levels of were not so good as they were expected. Nevertheless, at present middle and small investors cannot disperse risk through investing all the shares that construct the composite market index. So they had better hold securities investment funds.