The security investment fund is the new power in the security market, and its proportion is becoming larger and larger. How to evaluate the performance of funds has becoming the focus of market. The choice of benchmark is the premise and the key of evaluation of fund. This paper tries to analyze the question of choice of benchmark, and its influence to the result of evaluation.This paper tests several stock-price indexes' ability to reflect market. It fund the indexes of Shanghai or Shenzhen security market can not reflect the whole market and the united indexes are the better choices than them as benchmarks; at the same time, it fund all kinds of indexes in this paper had not difference to reflect the fluctuation of security market.This paper analyzes the performance of funds under different benchmarks, too. The result shows that the measures do not seem to matter as much as benchmark; the different benchmarks can not separate funds that have different investment style. It needs not only united market benchmark but also investment style benchmark when the funds are evaluated... |