A Study On The Evaluation Index Of China 's Open - Ended Securities Investment Funds

With the rapid development of China’s mutual fund industry the number and size of the mutual fund is becoming more and more large so the comprehensive and objective evaluation of the funds’ investment performance is very important and urgent.The significance is that it could strengthen the risk awareness of fund investors and protect the interests of them thus boost the mutual fund industry’s healthy development.This paper first analysis the significance and principles of mutual fund performance evaluation. Then introduces the2fundamental theories of mutual fund performance evaluation that is Markowitz Model and CAPM Model. Then the paper discusses the qualitative analysis quantitative analysis and comprehensive evaluation system of fund performance evaluation. Quantitative analysis includes the aggregate performance evaluation and the components of fund performance. After study the mainly7institution about the most popular index that can be used in fund performance evaluation, I make my own index theory.At the end of the paper an empirical study of the58listed open-end mutual funds’ investment performance during2005.7.1---2011.6.30is made. Then we make a conclusion that it’s useless to use just NAV that published in website. The investor must know what’s kind of style of the fund? That means when we know the fund manager are familiar with which kinds of maket. And then we must know the fund manager usually choose what kinds of stock in different stage.