Research On Performance Persistence Of Chinese Security Investment Fund

With the rapid development of fund, security investment fund has become a new leading investment instrument in security market of China. So the fund performance becomes the focus for the economists to pay attention and evaluating it scientifically appears very important and necessary. In addition to the size of fund returns, investors and fund management companies also concern the characters of fund returns, such as whether fund managers' performance is of persistence, namely "good remains good and badremains bad". If it is difficult to repeat the performance, then the past returns will notforecast the future and it will be vain to evaluate the past performance of fund managers.The performance persistence analysis not only can evaluate fund managers' capability to operate the fund, but also can provide investment decisions for investors. So on current condition, it is of very important meanings for the development of fund in China to study this problem.This paper analyzes the fund performance persistence based on the existing relevant theories abroad and combining the domestic conditions. The paper consists of six apartments and is organized as following.Chapter one is introduction. It states the background and meanings of the study and puts forward the thought and methods.Chapter two is a general review of the security investment fund, mainly introduces the conception, classification, origin and evolvement of security investment fund.Chapter three is literature summary. It reviews foreign and domestic researches on fund performance persistence.Chapter four explains the models and analysis methods. It introduces the choosing of indexes and the models though which to evaluate performance persistence. This chapter provides the theoretical base for the whole study.Chapter five is empirical analysis of fund performance persistence. It is the core of the whole paper. This chapter introduces the object of empirical study, data source and data revised methods, then it gives the empirical study and analyzes the results.Chapter six is the conclusions and puts forward some suggestions.