Equity Open-end Fund Empirical Research

With the drop of bank rate in our country and the development of securities business, The investment funds especially the growing open-ended funds become the focus gradually in which the people invests. So carrying out the appraisal analysis to our country's open-ended funds becomes the important topic of economical domain research. But at present because our country's negotiable securities system has not consummated, and there are many loophole in the standard of finance stock market, the existing achievement appraisal system of open-ended funds is unable to be trusted by the general investors because of the companies' technology or its benefit correlation status. How to establish an appraisal system of open-ended funds which can get the general investors' trust and develop the security funds quickly on the basis of it still needed the general financial scholars' diligently exploration.In this article, Firstly I elaborated main theories and the application models of the achievement appraisal systems about the negotiable securities investment funds, and reviewed the domestic and foreign research conclusions and the real diagnosis results separately aiming at the different aspect of the fund achievement appraisal system .Then I established the relatively reasonable market datum by the type of the sample open-ended funds, selected the returns ratio that has no risk. At last I made the analysis of 22 open-ended fund during two years from 2004 to 2005 by the risk-adjusted performance targets, market timing and securities selecting targets and performance persistence targets. At the same time I made a synthetic evaluation and a sort on the sample funds by the Entropy method.In this article I has made the elaboration about the development of the open-ended funds in our country during the two years from 2004 to 2005 by the analysis on the sample funds and made a first survey on the performance persistence of the single fund by the regression method. This article did not make a sort about the ample funds solely, but I wanted to discuss the condition of the open-ended funds in the two years by the analysis on the some aspects of the sample funds. Although I used the entropy method to make the synthesis sort in the end of this article, and it is only an attempt to establish a feasible open-ended funds' appraisal system for the general investors.