Performance Evaluation Of General Equity Funds Based On A Three-stage DEA Model

In this paper,we study and organize the existing fund evaluation theories and combine our own 5 years of fund investment experience.From the perspective of an individual investor,we use the existing theoretical framework and relevant research results to study fund performance.This paper first selects the research target,combining existing research results,practical significance,personal investment preferences and some other screening criteria,and selects the fund type for the study-common stock fund.Then the time frame of the study is determined according to the situation of the market in recent years and the appropriateness of the fund holding time.The data on the fund’s fees,risks,returns and other relevant indicators were compiled,and the selection of each indicator was made from the perspective of an individual investor.The final selection of expense,risk,return,volatility,and environmental indicators was made to construct the fund performance evaluation system.Environmental indicators were also set according to the industry characteristics of public funds to build a complete evaluation index system.The data are processed using dimensionless,normalization,and principal component analysis,and the sample is evaluated for efficiency using a three-stage DEA model.Based on the empirical study,this paper obtains the following conclusions Most of the sample funds are in an inefficient state,indicating that China’s fund market still needs to be improved,and the analysis of funds in the effective frontier surface reveals that at the input(rate,risk)level,most of the rates charged by funds with excellent performance are at a lower level,and tend to tend to take less systematic risk,but prefer to take more unsystematic risk.At the environment level(fund size,fund company size,fundholder structure),the top performing funds tend to be small in size and do not have significant characteristics in terms of fund company size or fundholder structure.