Research On The Evaluation Of Open Stock Funds In China

Since the first domestic fund product was released in 1988,it has been more than 20 years since it was released.In these 20 years,the securities investment fund market in our country has been continuously expanded.The types and sizes of fund products have achieved leaps and bounds,and the products themselves have been getting more and more Multi-investor attention and recognition.As the number of open-ended equity fund participants continues to rise,it is self-evident that the scientific and reasonable evaluation of fund performance and the factors that can reflect the performance of the fund are self-evident.Meanwhile,for market regulators,the investment And fund managers have practical significance and theoretical significance.This article uses a variety of models to analyze the factors that affect the performance of the fund and select a number of factors in which the indicators are significant for the principal component analysis and strive to fully reflect the performance of the fund.First of all,this article briefly elaborates the background and significance of the topic selection,and organizes the literature on scholars' research on the theory and model of fund performance.Then,it elaborates on the risk-adjusted return model,the timing-to-stock option capability model and the Carhart four-factor model,And explains the principal component analysis used in building a comprehensive evaluation system for the fund.Secondly,using the above model,we study the performance of 74 open-ended equity funds established in 2013 and 2013-2017,and select the significant Indicators for the principal component analysis,the empirical results show that most of the equity fund returns better than market returns,fund managers have the ability to choose the stock,more than half of the fund managers can accurately determine the timing,fund risk,investment style,fund returns and fund managers When the ability to contribute to the top.Finally,the article analyzes and combines with the development of the fund industry,and gives four suggestions:First,improve the securities investment fund evaluation system;second,further enhance the fund managers professionalism;third is to improve the fund manager risk aversion;Fourth Is to enhance investor investment philosophy.