Performance Evaluation And Sustainability Research Of Open-end Stock Funds

Since March 23,1998 and Jintai Kaiyuan Fund set up,China's securities investment funds into an important moment in the development.After 15 years of development,the laws and regulations of China's securities investment fund continues to improve,increasingly rich variety,the fund has grown to become an important market for the banking,insurance par components.To promote the rapid development of an open-ended equity fund,the paper necessary to use the results of scientific and rational approach to our open-ended equity fund to be evaluated.Results of the assessment will provide a favorable basis for decision making open-ended equity fund regulators and investors.In this paper,the profitability of China's open-ended equity fund selection and risk control ability of fund managers share the ability to choose when,fund performance persistence and other aspects of empirical research,by selecting the 50 open-end equity funds,the use of net yield,excess return assess the risk-benefit ratio for the use of the total risk,? coefficient of risk factors assessed using Jensen index,Treynor index,Sharpe three indicators to assess risk-adjusted profitability through TM model,HM model analysis of Optional fund managers share the ability to choose when using the performance of the fund performance persistence dichotomy analyze results of an open-end fund on stock selection ability in profitability,risk control ability and market timing of fund managers,fund performance persistence.Through empirical analysis,we draw the following empirical results:(1)from the risk-adjusted performance indicators before,our open-ended equity funds as a whole is still unable to get beyond the market performance of the benchmark portfolio performance;(2)of open-ended equity fund overall risk and systemic risk are higher than the market benchmark,systemic risk fund performance is still important constraints;(3)the risk-adjusted performance evaluation from the point of view,China's open-ended equity funds as a whole can not get beyond the current performance of the market benchmark portfolio performance.According to the relevant test results,before the fund's risk-adjusted performance indicators(net yield)and the risk-adjusted performance indicators(Treynor index,Sharpe,Jensen index)highly consistent,the net rate of return an investor can choose funds an important basis,investors do not have to repeat jumbled into a method for evaluating choice to go.(4)In the evaluation period,China's open-ended equity fund does not have a significant overall excellent market timing stock picking ability;(5)in the evaluation period,China's open-ended equity fund,whether short-term or long-term do not have a significant performance continued sex,investors are not in accordance with the fund monthly,annual yield rank to predict future earnings to fund.Through in-depth analysis of the empirical results,combined with the status quo of China's securities market,the paper argues that restricting our open-ended equity fund performance improvement issues include inadequate investment environment in the securities market,lack of fund performance evaluation system and the legal and other aspects of the regulatory system is imperfect.Empirical studies for a variety of problems found during the paper believe that the improvement of the performance of open-end equity funds raised optimized stock market investment environment,promote the establishment of a unified science fund performance evaluation system and strengthen supervision and other aspects of countermeasures.