An Empirical Analysis Of Performance Evaluation And Attribution Of Open-Funds

At the end of the 20th century,China’s fund market officially generated,from the opening of China’s fund market from closed-end funds to open-end fund development process.At the beginning of the 21st century,China’s fund market has gone through the initial stage,the stable development stage,the explosive growth stage,and the consolidation stage.After nearly 20 years of development,the fund market has become more and more perfect,and the product type has been innovated.The scale is growing.With the improvement of people’s living standards,as well as China’s economic development,people’s awareness of the Fund’s products have increased significantly,the investment demand for fund products continue to increase.As a result of the large number of retail investors in China,as well as retail investors lack of professional investment knowledge and skills,therefore,buy the fund is to buy "fund manager" has become a popular investors in the famous quota.At the same time,June 1,2013,China’s "new fund law" formally implemented,thus marking the wealth management into a new "Warring States Period." Standing in the new historical point of view,in the face of competition from insurance,trust,securities and other industries,fund companies how to steadily improve their performance and operational efficiency,has become the fund companies should consider the primary issue.Therefore,the performance evaluation and attribution of fund products has become a fund investors and fund companies pay close attention to a topic.Academic research fund performance evaluation and attribution analysis of fund performance has become a meaningful issue.Fund performance evaluation is an important part of measuring fund management,but also an important basis for investors to choose the subject of investment.In our country as the fund market started late,the early product quantity is limited,the time is short,therefore,the early China fund performance appraisal result is not completely trustworthy.At present,with China’s fund market experienced an explosive growth stage and entered a consolidation stage of development,at this stage of China’s fund performance evaluation of a comprehensive and systematic research is necessary,the results will be more trustworthy.Therefore,this paper chooses the empirical analysis of the performance of China’s open-end fund evaluation and attribution.The main contents of this paper include the following aspects.First,this paper analyzes the difference between China’s open-end fund performance and performance benchmark performance,so as to evaluate whether China’s open-end fund can obtain significant excess returns.Second,a detailed analysis of China’s open-end fund risk and fund tracking benchmarks between the risk difference,so as to assess the excess proceeds from our fund products are based on the higher risk.Thirdly,it analyzes the attributable analysis of the performance of China’s open-end funds,analyzes whether the fund products in China have significant stock picking ability and timing ability.At the same time,the differences between the index and the benchmarks are compared and analyzed.Will underestimate or overestimate the performance of a certain type of fund and the ability to choose time.Fourthly,this paper will use the Brinson Portfolio Performance Attribution Analysis Method for the active management fund of Zhongrong Fund Management Co.,Ltd.,and analyze the attribution from the perspective of asset allocation.The results of this study show that most of China’s open-end active management funds have significant excess returns,and excess returns are not based on the high risk of access.China’s fund managers have a significant stock picking ability,and most of the fund manager’s timing ability is negative,that is,managers are also very difficult to grasp the timing is very accurate.At the same time,the index base tends to overestimate the return on the portfolio and the fund manager’s stock picking and timing.Finally,the innovation of this paper is mainly reflected in the selection of the benchmark yield in the fund performance attribution analysis model,and the analysis of the performance attribution of the active management products of Zhongrong Fund Management Co.,Ltd.by using the Brinson theory.