Evaluation Of Securities With Using DEA

With the deepening of China’s reform and opening-up and the development of marketeconomy，the development of China’s securities industry is growing.Fund as the main part ofsecurities is more and more attention,The industry are also get high speed development inlast decade, Securities investment fund has become an important investment products. Fromthe fund of kaiyuan and fund of gold set up, to now737kinds of funds, In the face of somany various funds, how to the operational efficiency of its performance, the evaluation isreasonable and effective,And the evaluation results to compare the funds, so as to provideinvestors with selection basis, At the same time provide a good competitive environment forfund management company has become an important research projects, research is also amark of the maturity of the fund market in our country.This article stating traditional fund performance evaluation methods, such as modernportfolio theory, CAPM theory method, etc,and summarize the limitations of traditionalmethods, therefore put forward the DEA method.Choosing open-end funds of funds as theempirical object of this article,at the same time,basing on the DEA model theory,choosing thesuitable method of Bootstrap-DEA evaluate the30open-end funds which set up before2010in China.In this paper,it is concluded that under the condition of the scale variableremuneration,the angle of the pure technical efficiency,none funds is in a state of the effectiveoperation,the overall open-end funds averages of pure technical efficiency is0.6850,thehighest value of pure technical efficiency is0.9338,and the lowest value of pure technicalefficiency is0.2081.It has certain space of ascension for the whole,and can enhance themanagement ability of fund management companies to improve the operational efficiency offunds.From the perspective of comprehensive technical efficiency, the comprehensivetechnical efficiency is comprehensive reflection of the pure technical efficiency and scaleefficiency.Nowadays, none funds is in a state of comprehensive technical efficiency ofeffective in China.The overall average of comprehensive technical efficiency is0.5722,one of the highest comprehensive technical efficiency is0.9305,and the lowest of values is0.1450.From the average of technical efficiency by the different types of open mode fund canbe found the equity open-end fund comprehensive technical efficiency is highest, the secondis the bond type of open mode fund, the worst is mixed open-ended funds.So when we buyfund products,mixed open-end fund’s risk is too big, we should try to choose other types offund products.From the perspective of scale efficiency,the scale of open-end fund average efficiency is0.8423,the general average technical efficiency is0.5722,and the pure technical efficiency is0.6850. The scale of open-end fund average efficiency is higher than the others,whichindicates that the influence of fund size restriction is small.Different types of open mode fundscale efficiency rank is that the highest is equity open-end fund, the followed by bond type ofopen mode fund, and the worst is mixed type fund. So in terms of scale of investment,Stockfunds of funds and the management technology basic is consistent,and mixed open-endedfunds should be from the management level and the fund to adjust the two aspects, toimprove the operational efficiency of funds,In order to attract capital flows.For bond type ofopen mode fund, mainly to solve the fund problem,while maintaining the high levelmanagement, reasonable configuration of the fund scale.This will make the bond typeopen-end fund performance improved, also can attract more investment group.