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A Research on Multi-layered System of Fund Evaluation

Author: LeiJun
Tutor: JiYuFeng
School: Donghua University
Course: Industrial Economics
Keywords: Securities Investment Fund Fund Evaluation Evaluation system Multi-level
CLC: F830.91
Type: Master's thesis
Year: 2005
Downloads: 179
Quote: 0
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Abstract

Under the policy guidance of the \great importance to the development of the fund market is also put forward higher requirements for fund evaluation. Fund evaluation of the development and evaluation agency of the theory of evolution are complementary. In fund evaluation just the rise of China, how to set up a management evaluation mechanism to regulate the industry fund evaluation, there are many different points of view. Fund evaluation and development, from the point of view of institutional economics gives an alternative explanation, that it is a spontaneous system innovation in response to new potentially profitable opportunities. On this basis, the paper discussed the establishment of a fund rating agencies recognized evaluation system access and market formation. In fund performance evaluation theory, developed countries have a more in-depth study of the formation of a relatively mature fund performance evaluation method. The capital asset pricing model (CAPM) is an important theoretical basis. This is the basis of Treynor, Sharpe and Jensen researchers proposed many distinctive single factor risk-adjusted profitability metrics. Later, from the single-factor model to the multi-factor model, from the baseline model to the baseline model, from the performance of the overall measure to decomposition, to the measure of liquidity and the liquidity of assets, the Fund's evaluation of market timing and stock picking ability extended to a wider range of issues from the core and basic performance assessment. Some domestic scholars have done a lot of research in theoretical and empirical aspects, this article also combine empirical analysis to explore part of the risk-adjusted income applicability of the model in the special market environment in China. Fund building evaluation system, at home and abroad are quite different. Overall, the domestic variety of evaluation system in the form of a single, lack of investor demand for the Fund's evaluation subdivision, the lack of a thorough analysis, the lack of a comprehensive evaluation system effectively combine qualitative evaluation and quantitative evaluation. In order to adapt to the development of China's fund market trends and requirements, we shall establish a multi-level evaluation system of the Fund, fund performance evaluation, should be the basic quality evaluation of fund managers included in the multi-level system, in order to truly meet the needs of different investors. Basic quality evaluation of fund managers, including the evaluation of fund managers and fund management companies evaluation, including the evaluation of the fund management company from many more indicators. There is no doubt that the open-end fund will be the future direction of development of the fund market, evaluation of the open-end fund

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