Research On The Performance Of The Security Company's Collection Asset Management Plan,Based On DEA Model

Since the 90s of last century,the asset management industry in China began to germinate.During the past 20 years,the economic has been developing rapidly,which accompanied with people's financial demand is increasing,and all kinds of assets management products also growing well.In 2005,one collection asset management plan called "Yangguan",which issued by Everbright Securities.co,Ltd attracted investors attention because of the special structure.However,the evaluation system of collection asset management plan is relatively monotonous,which only concern the NAV of the asset management plan,makes the investors,the issuer and regulatory agencies confused.Therefore,It's really urgent to establish a set of scientific and effective evaluation system for collection asset management plan.So,that is what this article wants to do.On the base of a series of studying,which concerned the fund evaluation methods,this article established a collection assets management evaluation method based on DEAmodel and use this method to analyze 50 equity asset management plans'performance.In detail,this article constructs the theoretical model and analyze the BCC model's feasibility firstly.then,selected risk-free rate,the evaluation period and construct the market' portfolio.Moreover,this article selected the yield covariance,market timing ability,security selection ability and unit costs as inputs,whereas used the growth rate of NAV as output and used the model to calculate the score of sample asset management plans.Next,evaluated the performance persistence of the sample and used the slacks to analyze how to improve the inputs to make the results better.Finally,Found the best inputs value using slacks with BCC model.The conclusion is that most of sample asset management plan have a good performance but a bad performance persistence.Also,the yield covariance and the unit costs are important factors to influent these assets management plans' performance.Last but not the least,this article gives some suggestions,which are from the perspective of investors,regulatory agencies and issuers.