Study On The Performance Evaluation Of Securities Investment Fund In China

China’s fund industry after 20 years of development, from weak to strong, from the product structure to the development scale and economic benefits and other aspects have made substantial progress, showing a very strong vitality. However, one of the most importantproblems in China’s fund industry is our country fund evaluation industry is very backward, there is a big gap with western developed countries. Therefore, we can scientific, comprehensive of the securities investment fund performance evaluation effectively, has become one of China’s fund industry can maintain a healthy and rapid development of thevital link. The fund performance evaluation is the realistic demand of the market, are of great significance to the government regulators, fund companies and individual investors, but alsoconducive to the integrity of the fund market, and promote the healthy development of the fund industry in our country.In this paper, on the basis of the western developed countries financial theory, including the modern portfolio theory,capital asset pricing model,arbitrage pricing theory and the efficient market theory,Mastering and using the method of fund performance evaluation,not only at the micro level of the individual fund,also to start general study on the macro level.On the macroscopic level,Whether it is beneficial to the economy of our country;On the microscopic level,to do the empirical analysis the fund performance from the adjusted returns,the ability of stock selection and market timing and the performance persistence. The research results showed that:at the macro level, our fund market reached the weak form efficiency, and the fund industry has promote the development of the national economy;but at the micro level,the many index of sample funds showed the poor performance.Finally, I hope these empirical results can be used as a reference standard for the level of development of China’s fund market, on this basis, put forward to the future development of China’s fund recommendations.