Research On Performance Evaluation And Scale Effect Of China's Open-end Securities Investment Fund

In recent years,the development of China's fund industry has become more and more standardized-At the same time,the scale of the fund has developed rapidly.The most rapidly developed fund of all types in China is the open-end fund.In the fund market,open-end funds account for more than 90%of the shares.With the rapid development of the fund,it is possible to perform scientific and rational performance evaluation of the fund,and enriching the fund performance evaluation method system has attracted more and more attention from all parties.At the same time,fund managers are among the highest paid social groups.There is no clear evidence that fund manager skills exist.It is very likely that these managers do not have the skills to select stocks on time,that is,they do not have competitive advantages but they receive financial compensation.The importance of the issue,testing whether the fund manager has the important ability of fund management is another key point of this study.The existence of fund manager skills,this issue has not been consensus,and the rapid development of China's open securities investment fund market to make the answer to this question becomes more and more important.Based on the evaluation of the fund's performance,this article builds the Valuation Value Added(VA),At the same time,VA indicators are improved to build indicators for testing fund manager skills,verify the existence of fund manager skills,and then verify the continuity of fund performance.In the research process,it involves the question of whether investors can identify the fund and the scale effect of the fund.The paper also conducts relevant empirical research.The value added value of 33 equity funds and 32 hybrid funds shows that there is cross-section difference in the value added of China's securities investment funds.The fund managers' skills are further measured.The results show that there are also cross-sectional differences in the skills of managers of the funds,and Good performance of the Foundation has about 3 years of continuity.Empirical test on the effect of fund size,the results show that from the overall point of view,the performance of the largest fund performance is better than that of the smallest fund,but the fund performance does not increase gradually with the increase of the scale,the optimal performance of the fund appears on the moderate scale and the management of difference The fee system is conducive to the stable development of the fund market.