Study On Performance Comprehensive Evaluation Of Collection Asset Management Plan

Since2005Everbright Securities Company Limited issued the first Collective Investment Scheme called"Guangda Yangguang ",collection asset management plan restarted.Collection asset management plan quickly gained recognition from the investors and becoming a force of financing products market not to be ignored for its professional management,shared risk, flexible investment range and flexible configuration.Its size expands from139.52billion in2005to more than5300billion in2013.With its expansion,regulatory authority, the related financial institutions and investors are paying more and more attention to establish a performance comprehensive evaluation system.A comprehensive and scientific performance evaluation can promote the healthy development of the industry.However,at present,research on the comprehensive performance evaluation system of collection asset management plan is still in its initial stage and far from forming a comprehensive and indisputable system.Thus,how to build a scientific and efficient evaluation system still remain to be studied.The purpose of this paper is to present current situation of collection asset management plan, establish a comprehensive performance evaluation system to evaluate the products on the market,and then draw corresponding conclusions and make some relative policy recommendations.The contents of this article are divided into six parts:In the first part,we introduce the background and the meaning of this research, research methods and framework,and finally generalize the innovations and scarcities of this paper.In the second part, we summarize the research actuality on collection asset management plan,the relevant theories on fund performance evaluation,the methods and research actuality on fund performance evaluation at home and abroad.In the third part,we not only bring an in-depth and systemic introduction, of collection asset management plan from the aspects of the concept,issue type and feature,but also explain three development backgrounds of collection asset management plan.Finally,we statistically analysis its present development situation.In the fourth part,we introduce the research actuality on fund performance comprehensive evaluation,then we describle the principles of constructing the evaluation index system.Besides,we construct the system and introduce the methods:principal component analysis.In the fifth part,this part is the main part of this thesis.It conducts empirical analysis of a sample of34products in the period of Sep.1,2010to Aug.31,2013.Through using Eviews and Excel software,we got23indicators of comprehensive performance evaluation(including the growth rate of net worth,risk index,Treynor index, Sharpe index, Jensen index,M2measuring,information ratio,one-factor model,three-factor model,stock concentration, industry concentration and rate index).Finally,we get the results of the comprehensive performance evaluation by using principal component analysis. In the last part,we draw some conclusions and make relative policy suggestions.Basing on the above analysis,We get the following conclusions:Firstly, collection asset management plan has a good development trend and will have a bright future.Secondly,investment managers have certain ability of diversifying risk, but most products’ performance does not exceed the benchmark portfolio. Besides, except for some products,there is no sufficient evidence to show that the investment managers have professional investment advantages.Thirdly, from the analysis of stock selection and market timing,most investment managers have the ability to select the right stocks, but not significant.Only a few managers have significant stock selection ability.Besides,most investment managers do not have significant market timing ability,while a few managers have significant market timing ability.Fourthly, collection asset management plan are inclined to invest small-cap stocks and value stocks.Fifthly,there is no enough evidence to show that collection asset management plan have a sustainability of products performance. At last,we conclud that the top five products are Dongfanghong No.4,East Red No.5,Red East Pioneer No.1,Shanghai securities financial No.1and Societe Generale gold kylin No.2.The last five products are Galactic Venera No.1,Huatai Zijin No.3,CITIC Capital,Soochow fortune No.l and Dongguan Qifeng No.2.Compared with previous research, the innovations of this paper are as follows: first of all,there are few literatures focus on analysis the background(especially the laws and regulations change)and its research actuality on collection asset management plan.Secondly,there is no literature focus on comprehensive performance evaluation system of collection asset management plan.On the basis of the existing research literature,this paper attempts to construct a comprehensive performance evaluation system to evaluate the products on the market.Last but not the least,the current research literatures exit a problem,that is,the amount of sample is small and the sample period is short.This is because collection asset management plan carried out late and developed quickly in recent years.This thesis extends the sample and the sample period to guarantee a more scientific and reliable results.