The Efficiency Evaluation And Influence Factors Analysis Of Securities Investment Fund Based On DEA

Securities Investment Funds industry is a developing relatively later but vibrantin China. By2001, China’s first open-end funds–Hua An innovation Fund wasformally approved to establishment of which makes our Funds into a new period.Subsequently, the open-end funds were growing rapidly in the scale. Also a numberof problems were accompanied. Until2003,“the Securities Investment FundLaw”were enacted and begun to implement this critical.This became the milestone inthe history of China’s fund industry.This industry has entered a steady, a new stage ofdevelopment. In the process of rapid development of the open-end fund, equity fundsoccupied a dominant position in the funds which funds companies released. Relativeto stocks, funds owns superiority, so more and more individuals and institutionalinvestors began to chase. Therefore, in order to make the fund industry develops morehealthier and stable in the highly competitive markets.And investors select the targetfund more theoretical and accurate. It is necessary to study on the operationalefficiency of the Fund, And to analysis the empirical of the important factorsaffecting the efficiency of fund, to explore the operation of the fund industry.Lastly,we need to propose the corresponding reference proposal for fund managementcompanies and investors.Firstly,we use the data envelopment analysis (DEA) to analyze the data of2006-2012of the27funds. By selecting17equity funds,10mixed funds to discussthem. The empirical results suggest that the technical efficiency and scale efficiencyvalues of27funds fluctuate largely from2006to2012. This may move with the prevailing global macroeconomic related. In2006and2007, the whole Fund had theaverage efficiency of higher value, but in2008reached minimum value during7years. In2009, the average efficiency value of the overall picked up quickly.2010and2011were dropping again. In2012the whole rebound basically. In addition,according to the classification analysis for the different types of funds, the efficiencyvalues had some differences in different years. Basically the performance of hybridfunds fluctuations is small compared to the stock funds, and show some lag effect.But not as expected, hybrid funds showed strong anti-risk ability and stableoperational efficiency.Through the sort of efficiency worth in seven years, a brief analysis of theefficiency of funds drawn during the sample period did not show a certain degree ofcontinuity. And then by selecting the Opening net unit, the rates, the share of the totalrate of change,the size and the yield of five assumptions affecting the value of thevariable fund efficiency indicators, we use censored regression model (Tobit) toinvestigate potential factors that have an impact on the efficiency value of the Fund.The regression results show that the Opening net unit of the Fund a positivecorrelation with technical efficiency and scale efficiency. Fund size has a certainnegative impact on the efficiency value; other several influence factors are notparticularly significant effect on the efficiency of the value. Particular note is that theconstant term impact on the efficiency values are significant in all analyzes. As canbe seen, in addition to the microstructure of the above factors on the efficiency value,the Fund also affected by other factors, such as macroeconomic factors in the CSI300Index yield, interest rates, etc.From the above empirical analysis we can draw the following conclusions: First,the risk of the securities investment fund is small in the nature with respect to stocks,bonds. But the results show that the fund operational efficiency did not show in fullforce and effect in the past few years, and the individual fund performance relatively effective, and did not exhibit a stable and efficient persistence. Thus there recommendthat investors do not just look at the past profitability of the Fund in the selection offunds. Because the profit may be best only in one time, but earnings fluctuationsOverall, and earnings are not in a continuing nature. Secondly, through regressionanalysis,it showed that internal factors of the funds is not particularly obvious, whichshowed the Fund may be not only affected by their own factors,but affected themacroeconomic or fund manager’s stock picking ability, picking time capacity and soon. So fund management companies are necessary to invest more to train high-quality,experienced fund managers.