Evaluation And Empirical Analysis Of Performance Of Open Invest Funds

Since the emerging of the first open security investment fund in September 2001, the total amount of 107 open security investment funds has been 24.36 billion Yuan by the end of 2004. And now it own such a splendid period to develop and expand, and enjoy a bright future, but how to guide the investor to choose the right and reasonable investment strategy of the open security, how to improve the level of operating open security investment fund, and how to supervise the open security investment fund effectively, these challenges have to be faced. It means great to build up the suitable evaluating achievement system of open security investment fund.Taking the character of our newly risen security market and the developing stage of current open security investment fund into consideration, the paper aims to design a suitable evaluating system of open security investment to analyze and evaluate three factor of open security investment fund: the general risk and profit, the management and the long-term good achievement. Through the analyzing the deficiency of current main evaluating methods and the real situation of Chinese security market, reasonable and suitable evaluating indictors are chosen.It is to analyze and verify the character and validity of Chinese security marketing by using the Dp index to evaluating the systematic and unsystematic risk of security market in the paper. And the author uses the analysis tool of Sharpe's index and visual M~2 index to empirically analyze and evaluate the total risk and profit of open security investment fund, and choose the Jenson's α which catering for the character of Chinese open security investment fund, to evaluate the management of fund, and accordingly evaluate the management of fund manager with thefluctuat 3 in the process of marketing changes. We are familiar to use the main evaluating mode, that is, to evaluate and forecast the future security results based on the past achievements, so hereby we adopt new synthetic asset quality indicator to analyze the relationship between the security investment achievements and the indicators including industrial concentrating ratio, asset liquidity, PE, and the waving of stock price, and temp to set up synthetic asset quality index to evaluate the achievement duration of open security investment fund. At the same time, empirical results of synthetic asset quality index is used to verify again. In addition, the step of relativity analysis of various evaluating results is made. And the comparative and feasible analysis on the various indictor is made too.Finally, the author draw some important conclusions, and advise to make further study on some questions of how to evaluate security fund achievements. The innovating content in the paper is , utilize the suitable evaluating system of fund achievements to get empirical results of domestic open security investment fund risk, profit and management, concentrate on analyzing the applicability and the real choices of related index and the risk situation of domestic security market. And the author utilize the synthetic asset quality index to analyze the relationship between the quality of open security fund and its achievements, and make the corresponding empirical verification.