The Research On Performance Evaluation Of Open-ended Equity Fund In China

In recent years,with the China's rapid development of open-end funds,open-end equity funds in the financial market has increasingly prominent position.Currently,domestic Open-end fund performance evaluation system is mostly lacked for integrity,the standard of evaluation is various,some results of evaluation is conflicting.Therefore,it is necessary to establish a scientific and rational Open-end fund performance evaluation system.Based on the evaluation system of foreign fund performance and the actual situation of China's market,this paper establishes a comprehensive scientific fund performance evaluation system,selects 62 open stock funds in 2013,and draws some meaningful conclusions and puts forward corresponding countermeasures and suggestions.Specifically include:Firstly,it summarizes the relevant literatures on the performance evaluation of domestic and foreign securities investment funds,introduces the concept and characteristics of open stock funds,and expounds the relevant theories of fund performance evaluation.Secondly,it introduces and compares the advantages and disadvantages of the main fund rating system at home and abroad,and analyzes the present situation and existing problems of the rating system of fund rating agencies in China.Then,on the basis of the above analysis,according to the scientific,comprehensive and feasible choice,we consider the fund income,risk,investment ability,liquidity,cost cost and growth potential,and construct a conformance using principal component analysis China 's actual fund performance comprehensive evaluation index system.Finally,the paper analyzes the performance of China's open-end fund.From the single point of view,it is found that there is a positive correlation between the open-end fund income and the market income.The overall risk of the fund is higher than the market risk.Half of the fund's liquidity is consistent with the market;the fund's stock picking ability is higher than the timing ability.Based on the principal performance analysis of the fund performance evaluation system,the use of gray relational model empirical study found that China's open-end equity fund performance is mainly affected by the fundincome,risk,investment capacity,cost and growth potential less impact;Ranking similar to the market risk ranking with the largest difference.Combined with the results of empirical analysis,from the investors,managers and regulators at the level of China's fund industry to promote the healthy development of the relevant recommendations.