Research On Stock Open-end Fund Performance Evaluation In China Based On DEA

Along with the constant deepening of economic reform in our country, our country’s rapid economic development, economic development at the same time also brought the huge demand for funds, and promote the development of Chinese securities market, securities investment fund as a way to raise funds by the financial institutions gradually under the attention and support in the related policy, our country’s securities investment fund, both on the quantity, scale and is developing rapidly in the species. At the same time, the securities investment fund performance evaluation problems are also constantly paid attention by researchers. For the meaning of the securities investment fund performance evaluation, can be divided into the following several main aspects:first, for investors, fund performance evaluation can guide investors make investment decisions; For fund management companies, can through the feedback mechanism to monitor performance of the fund situation in order to improve investment operation; For regulators, the administration will be to protect the interests of the investors for the correct use of the management of the specification of the fund performance evaluation.The introduction part first introduced in this paper selected topic background and significance, briefly generalizes the present state of domestic and foreign research, introduces the main content and research method in this paper, the innovation of this paper are presented as well as insufficient. Then, the fund performance evaluation method is introduced, this chapter combed the classic method of fund performance evaluation and use factor analysis method to construct index system and for the next data envelopment analysis (dea) model provides theoretical basis. Empirical part using the traditional funds performance evaluation methods of 40 samples conducted descriptive statistical analysis, the results show that most of the sample funds to yield more than the risk-free interest rate during the sample period, from the point of fund managers choose the stock selection ability, the sample funds in stock selection ability is good, and poor performance in terms of timing. Secondly, based on the traditional fund performance evaluation method, on the basis of factor analysis model was constructed, using SPSS software to extract the 12 indicators become benefit factor, risk factors, choose the stockselection factors, growth factors of the four common factor, contains the original target of 88.718% of the information, once again, on the basis of factor analysis model to build the CCR and BCC model of data envelopment analysis, factor analysis to get the common factor as the input and output variables of the model of data envelopment analysis, built a reasonable system of securities investment fund performance evaluation, use Deap 2.1 software to get the sample funds total efficiency value of the pure technical efficiency and scale efficiency, to get the sample fund ranking situation, through the total efficiency is worth the results can be seen that only six fund efficiency value is equal to 1, the other 34 efficiency value of the fund are less than 1, indicates that most of the funds have not reached the DEA valid state. And analyze the empirical conclusions that lead to inefficient fund. On the basis of the research conclusion in the end, this article puts forward the relevant suggestions.