Performance Evaluation Reseearch On Open-End Funds In China

Under the rapid development in the industry,how to identify in many fund products has investment value of the fund is particularly important.Fund performance evaluation is to solve this problem,the fund performance evaluation mainly includes: risks and benefits evaluation of stock fund management person ability and timing ability evaluation,performance evaluation and comprehensive evaluation of sustainable the four main aspects.Increases as the diversity and complexity of the market,need to consider from multiple dimensions to the evaluation of fund,as a result,the fund performance evaluation research is more and more received attention.In this article,the fund performance evaluation at home and abroad,to review and summarize determine risk-adjusted returns,fund managers stock selection ability and timing ability of the two big dimensions,another new joined the cost evaluation of the new dimensions,and selected the respective evaluation index and model.By openended funds in China as the research sample,the index model was calculated,regression analysis and correlation analysis,to determine the significance of the evaluation index.Then using the principal component analysis integrated these indicators to build a comprehensive evaluation system suitable to China's fund market.Finally,through and did not join the cost index system of comprehensive evaluation,by analyzing the predominance of new build comprehensive evaluation system.In this article,we study the conclusions are as follows:(1)the risk-adjusted returns of a high correlation between the evaluation index,under different risk standard has the similar results.(2)the part of fund managers showed a strong stock selection ability and timing ability,in view of the domestic market timing in the performance evaluation index of stock selection ability of alpha H-M model stock level indicators and C-L model beta 2-beta 1 indicators would be more effective.(3)the cost index into the fund performance evaluation system to evaluate fund is more comprehensive.