Operation Efficiency Evaluation Of Open Partial Fund Based On DEA Model

Since the securities company,Galaxy Fund Management Co.,Ltd.issued the last closed-end fund（the fund Yinfeng）in August 2002,all new funds that were subsequently issued were all open-end funds,including partial-share funds in China.All open-end funds have grown rapidly and rapidly.As of September 30,2007,483 open-end funds have already been established in China,of which 361 are partial stock funds,accounting for 75% of all open-end funds.In the fund investment management industry of our country,the annual return rate of open partial stock funds is stable compared with other financial products,and the yield rate is relatively high,and may even reach about 20%.However,with high yields,open partial stock funds also have high risks,that is,the return rate may be negative.Therefore,in the field of investment,whether it is from the perspective of fund supervision and management institutions,fund managers,or fund investors,it is increasingly important to evaluate the investment efficiency of open partial stock funds in a comprehensive,objective and accurate manner.This article takes the literature as a guide.According to the fund investment efficiency evaluation theory,393 open-ended partial stock funds whose establishment period is earlier than December 31,2012 are selected as the research object,and the unadjusted risk-income model,risk-adjusted earnings model,and funds are used.Managers can evaluate the model only when they choose stock options.From the five aspects of fund income,risk,risk-adjusted return,fund manager's timing of stock selection,asset concentration,etc.,a comprehensive selection of the cumulative growth rate of net assets of the fund,daily average yield,Standard deviations of fund income,fund system risk factor,Treynor index,Sharpe index,Jensen index,TM-α,TM-β₂,stock concentration,industry concentration and other 11 indicators To evaluate the efficiency of fund investment,conduct research and analysis on the investment efficiency of sample funds from 2013 to 2017.In the efficiency analysis,a total of 11 performance evaluation indicators in the above five aspects of fund investment efficiency evaluation are selected to establish a comprehensive evaluation system;and the use of factor analysis to extract several or several of them can reflect the investment efficiency of the fund to some extent.Finally,the DEA model and its results are used to provide data support for investigating the investment efficiency of open partial stock funds and their improvement direction.Through the study of this paper,we find that out of the total efficiency values of 393 sample funds,only 6 funds have an efficiency value equal to 1,and the other 387 funds have an efficiency value of less than 1;the 6 funds with a total efficiency value of 1 are fixed.Of the 387 funds that are relatively inefficient,there are 383 funds that are part of an increasing stage of operations.Four funds are in the stage of diminishing returns to scale;the related configuration of risk levels and fund assets is fund investment.Whether efficiency is one of the most important factors influencing the full effective state of the DEA model,the return of the fund's return is the main factor that can affect whether the investment efficiency of the fund is the fully effective state of the DEA model.Finally,the projection analysis of the three funds in an inefficient state is performed,and the input indicators of the three funds are corrected so that the input and output achieve the highest efficiency,and the efficiency status reaches the DEA frontier.At the same time,this paper combines the above analysis results with the status quo of China's open partial stock fund investment efficiency evaluation,and presents an open partial stock fund industry in China from three perspectives: fund investors,fund supervision and management institutions,and fund managers.Improve the efficiency of investment and put forward corresponding suggestions.