Research On The Relation Between Performance And Size Of Securities Investment Funds In China

Securities Investment Fund is a collective investing mode with benefit-sharing and risk-sharing, that is to say, Securities Investment Funds collect the capital of investors through the issuance of fund units, establish the trusteeship with the trustee, and let the managers manage and use the fund to invest on stock, bonds, foreign exchange, currency and other financial tools to pursue the investment income and capital appreciation. At the end of 2007, the number of the Securities Investment Funds has reached 345 in our country. Among them, the number of open ended funds has reached 310, the number of close ended funds has reached 35, the ratio of the number of open ended funds in the number of the total funds has reached 90%, and the fund net assets has reached 3.28 trillion yuan.The article uses average weekly unit net return rate, Treynor Index, Sharpe Index and Jensen Index as the indicators of measuring fund performance and uses standard deviation and beta value as the indicators of evaluating fund risks to make empirical study of the overall performance of the 50 Funds between 4, January in 2007 and 31, December in 2008, according to the actual situation in our country, on the basis of three widely used index methods of evaluating fund performance in foreign countries(Treynor Index, Sharpe Index, Jensen Index), and compares the yield of funds with the yield of the market portfolio and risk free rate. We classify the sample funds to six categories according to their sizes on the basis of performance measure of funds, reveal the relationship between the performance and the size of the fund through the correlation analysis, single-factor analysis of variance and fitting and regression analysis and provide some reference for the decision-making of investors and management level.The article has been divided into five chapters. The first chapter of the article is the introduction section, in which we describe the research background and research significance and make a sort summary of the study condition in the home and abroad; the second chapter describes the various methods of evaluating fund performance, and makes prepare for the empirical analysis of computing the performance of the funds in the next part; the third chapter is the part of computing the performance of securities investment funds. We choose four indicators to measure the performance of funds through the processing of the a large number of raw data and using the performance evaluation methods in the previous chapter; in the fourth chapter, we make classify of the size of the funds to get better results and use a range of methods to do the qualitative and quantitative analysis on the relation between the performance and the size of the funds, including correlation analysis, single-factor analysis of variance and fitting and regression analysis; and in the last chapter, we give the conclusion, the reason explanation and corresponding policy recommendations.