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An Empirical Study on Performance Evaluation of China’s Open-ended Fund

Author: XiaFei
Tutor: LiuFangChi
School: Huazhong University of Science and Technology
Course: Finance
Keywords: Open-end equity funds Performance Evaluation Principal Component Analysis Integrated Assessment System
CLC: F832.51
Type: Master's thesis
Year: 2009
Downloads: 37
Quote: 0
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Abstract


With the rapid development of China's securities market , and increasingly , as a financial products , securities investment funds and the growing acceptance and use by the public investors . How to get them to identify strengths and weaknesses , choose to meet their own demand for investment fund products from numerous fund products ? Fund performance evaluation is particularly important . It not only to individual investors to buy the fund to provide a scientific basis for fund managers to measure the level of management to provide a reasonable standard , more promote healthy , rational investment concept of the formation of capital markets , for the stable development of the capital market from to a good specification . This paper attempts to the actual situation of the unique properties and the development of the fund industry of China 's securities investment market , respectively, from traditional fund rate of return , risk-adjusted rate of return , stock selection and market timing ability and performance persistence of fund performance evaluation . Established mainly to quantitative analysis , qualitative analysis supplemented by a comprehensive quantitative evaluation system of open-end funds scientific , objective , comprehensive performance evaluation of empirical research . Empirical study , we selected 17 open-end fund was established in the year 2005 as a sample call from September 1, 2005 to March 2009 , a total of 178 weeks of data , China 's open-end fund 's investment performance to make a comprehensive evaluation . The results show that : in the market experienced a bear market and the bull market convert the case of open-end fund has achieved a revenue of more than one-year time deposits of banks over the same period , most of the fund portfolio dispersed non - systemic risk and have a certain timing ability , but did not show a significant stock picking ability . At the same time , the continuity of the performance of China 's open-end fund is not significant . In this paper, the establishment of comprehensive evaluation system samples fund comprehensive sort . Finally, the combination of empirical findings and research process recognized the problem , this paper put forward relevant proposals to improve the Fund's evaluation system, and improve the level of the investment management of the Fund , as well as to strengthen external oversight , and hope that the long-term steady development and maintenance of the promotion of China's securities investment funds the harmony and stability of the financial markets at home and abroad to benefit .

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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