Empirical.Research.on.China’s.Securites.Investment.Funds.Based.on.DEA.Model

Recently, with more than ten yeas rapid development of Securities investment funds industry, Securities investment funds have become one of the most important investments in financial market. Under such circumstances, how to efficiently and objectively evaluate their achievements, how to compare and target among many sorts of funds, have become an significant topic to academic researchers in front, and it is also a key link on healthy and normative development of Chinese Securities investment funds industry.In this paper, we first elaborate and conclude fund performance evaluation methods through classic theories, originating from Modern Portfolio Theory, the Capital Asset Pricing Theory, Arbitrage Pricing Theory, Efficient Market Theory, Behavioral Finance Theory, etc. On such background, we analyze advantages and shortcomings of traditional research method. Under the support of DEA evaluation theory, theories and concepts related to performance evaluation., based on the DEA model evaluation ideology, we choose proper performance evaluation index for study. On such basis, we bring about assessments in both fund investment style and scale view level, and then develop input-output model for return efficiency evaluation. In empirical component, based on the panel data of60securities investment fund, this paper utilize Data Envelop Analysis method assess the efficiency of different fund in the sample, then we put forward deep analysis and explanations for model-depth observation results both in practice and theory.