China's Securities Investment Fund's Performance Evaluation And Analysis

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 .With the development of our financial market, the volume of the mutual funds in our country increases gradually. By far, there has been forty-three mutual funds management corps, 204 mutual funds. So that it is really an urgent task to evaluate the funds'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.Using the investment return rate, the T -M model, the H -M model and the single factor evaluating model Sharpe index we evaluate the performance of the twenty-three mutual funds. And we come to the following conclusions: (1) Looked from the returns ratio target that, all funds achievement are better than the market datum combination's in the sample time, but the funds overall achievement is inferior to interest rate; (2) After the modification of the risk factor, our mutual funds outguess the market; (3) There is not enough evidence that indicate that Chinese security investment funds have choosing ability in the market opportunity and choosing ability in the security. (4)The achievement in the past of the fund can not represent market manifestation in the future of the fund.This article innovation mainly has following several aspects:(1)Have established the overall target of a appraisal fund achievement and gone on the real example to analyze with the mathematics model,Having solved the inconsistency problem of appraising the result of many kinds of...