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In recent years , especially since 2006 , China 's securities investment funds has been very rapid development of the fund industry in the importance of China 's financial markets are increasingly apparent . Moreover, as more and more investors into the fund market , in the face of increasingly rich fund products in the market , they are often at a loss, there are too many blindness choice of fund products . In this case , the to build authoritative scientific fund performance evaluation system is especially important . , In order to meet this demand , the domestic research institutions have made ??some achievements , but you can not deny that the research is not mature, and there is a certain degree of lag . On the basis of the previous theoretical and empirical research , first proposed their own set of evaluation system , the system not only included in the quantitative indicators , qualitative indicators included . A total of 176 weeks of historical data , and in the back of the empirical part of the thesis selected 2005.5.30 ~ 2008.12.26 China established in the year 2005 , 16 open-end fund stock ( a stock market ) of the net income of the Fund rate , risk-adjusted returns , carried out a detailed analysis of the selection of the fund manager 's stock-picking ability , as well as the Fund 's liquidity risk . Finally, the use of factor analysis to draw a comprehensive ranking of fund performance , and believe that this study has some practical significance and guiding role . The article 's main conclusions : First, the sample period investigated , our open-end equity fund performance does not exceed the market level; TM model of Equity Open fund manager does not have a significant timing ability , but with significant stock picking ability . Third, China 's equity open -end fund liquidity risk is generally higher . Building fund evaluation system in line with market requirements , and the need for more theoretical innovation .
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