The Quantitative Valuation System For Security Funds In Our Country

Generally, security funds can be valuated through qualitative analysis or quantitative analysis, and index includes descriptive index or comparative index. This paper analyzes the methods of valuating close-end funds in our country, based on the index of overseas funds valuation and domestic market condition, and creates the system to valuate close-end funds in our country by comparative and quantitative index.In former domestic study of valuating security funds, there are many problems: index was often used for reference from abroad without applicability analysis; empirical analysis they have done was often unilateral; the valuation system was of complexity, which is unfit for common and whole judgment.So this paper tries to solve these problems through the following work:First, we select some index to valuate the close-end funds, including income, stability, risk in falling, stocks selecting ability and tuning ability, based on overseas funds valuation methods and domestic market condition; Second, we analyze the stabilityof all index and form two styles index, which are f and other bad stability index;Then, we form the valuation system, including two-layers index, which are p andfactor score; Last, we use this system to analyze the close-end funds which came into existence before 2000 and get the final comparative result.The main intention of this paper is to create the system of valuating close-end funds in our country, which is comprehensive and objective.In my valuation system involving the period from 2000 to 2003, the funds as a whole performs inferior to the stock index. In the individual comparing, Fund Xinghe performsbest by the index of Sp; Fund Jingyang performs best by the index of factor score.Name: Yu Ling (Finance) Directed by-Hu Yan-jing...