| With the continuous regulation and improvement of securities market, the variety of Securities Investment Fund is increasingly rich in China. Select the appropriate Fund Performance Evaluation Model to classify and evaluate the funds is very important to the managers, the investors and the the growth of China's Fund. Effective performance evaluation of the funds can make the market classify the funds accurately, and help managers understand the fund's risk and the state of investment efficiency to improve the management capacity of them, and make the investors obtain more effective information to reduce the blindness so as to promote the development of Fund in China.This paper is aim to abandon the limitation of the traditional fund performance evaluation model, such as demand comprehensive data and can not give effective comparison and ranking, introduce the Super-efficiency DEA model which is a useful tool for assessing relative efficiency to evaluate the Chinese Securities Investment Fund. The paper firstly based on the research of Securities Investment Funds Performance Evaluation Index System and guided by the theory of fund performance evaluation, builds and improves a reasonably performance evaluation index system which can reflect fund performance effectively. Secondly, sums up the performance evaluation methods and analyzes the advantages and limitations of them, and choose the Super-efficiency DEA model to evaluate the funds. Then through an empirical analysis to show the superiority of the method, which not only can give the accurate score of all decision-making units and ranking, but also can through the projection analysis to explain the invalid reasons of the ineffective decision-making unit and make adjustments to improve. And a new method named DEA Inferior Efficiency Model are introduced in this paper to abandon the little limitation of the Super-efficiency DEA model which view funds as high efficiency, although the funds contain invalid elements. The aim is make the evaluation perspective more comprehensive and the rusults more convincing. Finally, give the conclusions and outlook. |
