Research On Performance Evaluation Of Open - End Fund In China

Since the world’s first fund has been established, the fund industry has spent ahistory of over half a century. Fund industry in China started late but grew fast，and ithas gone through two stages closed-end funds and open-end funds. Since the firstopen-end funds of china-Hua An Innovation Fund established in2001，the open-endfunds have developed rapidly, and they have increasingly become the maininvestments of the fund market products. Open-end fund research, especially theopen-end fund performance evaluation research, which has become an important topicof scholars and research institutions at home and abroad, has very importantsignificance and value. First of all, it can provide investors with a betterdecision-making; secondly, it can help fund understand their indicators to make timelyadjustments to make it better development; finally, it can improve the efficiency of themarket allocation of resources.Based on2013year as samples, this paper selected20funds which Cumulativeincrease of the Native Asset Value gains of the top20by the end of2013as theresearch object, Borrowed from foreign classical theory on research methods andresults, and select some representative indicators to build the fund performanceevaluation system, finally using factor analysis method for comprehensive evaluation,and the analysis of the results then put forward some suggestions.The main conclusions of this paper are as follows: First, The vast majority fundof China’s fund market achieved good results; Secondly, in terms of fund assets, notthe higher the concentration, the better its performance, the fund’s assets investmentdirection is the important factor that affect fund performance; Thirdly, from the resultof fund managers index, our fund managers generally have good market timing ability,but their stock selection ability remains to be improved; Fourth, by considering the impact of various factors on the performance of the Fund, the results more valuable.On this basis, some suggestions have been proposed: First of all, the investors shouldimprove their own quality, to master relevant knowledge, at the same time adjust thementality, avoid follow suit; Secondly, managers should improve their analytical skillsand ability of judgment, correctly grasp the market trends; In the end, the fundindustry in our country should establish independent rating agencies, and introducingcompetition mechanism, in order to survive and develop in the competition.Although the paper tries to put as many as possible influence factors of fundperformance into the evaluation system, but still there is no lack of omissions. In thispaper, the indexes for assessing fund performance and composite scores weresuccessively analyzed in the process and conclusion of the empirical, and werecompared with Morningstar and Shanghai securities Company’s result. However, theanalysis for the reasons why each index of fund performance fluctuated remains to bedeepened. In addition, this article mainly research fund’s performance in the past year,and selected fund evaluation period is shorter, less number of samples, To a morethorough analysis of the fund market, further research is needed...