| Our country stock certificate investment fund has already been born from 1992 till today for 15 years, since 1997, the stock certificate investment fund formally follows a high speed development stage, through the high-speed development in decade, currently the stock certificate investment fund have already become our country the biggest organization investor in the stock market. According to the covariance, up to December 31, 2006, the clean property of our country stock certificate fund attains 856,460,000,000 yuan renminbi, publish a total quota to attain 622,040,000,000 and the fund number attains 321.The research structure of the text as follows: The introduction part pointed out background, meaning, object and method of research; Chapter 2 carries on to all say to the stock certificate investment fund, and analyzes the present condition of our country certificate investment fund; Chapter 3 is an overview of the stock certificate investment evaluation research in domestic, the part also introduces foreign theories model; Chapter 4 is empirical analysis; Chapter 5 is the substantial evidence analytical end conclusion and policy to suggest.The stock certificate investment fund has already beyond disputely become the most important strength in the our country stock market, how go deep into of understanding stock certificate investment fund, how the accomplishment of the evaluation fund of science has already got the value of more and more people. Abroad, the history of stock certificate investment fund is long; In domestic, because our country fund's history is short , the research is very difficult, research development slow-moving.The fund industry has been being continuously rising in the position and the function in the financial industry. See from the angle of financial system, fund is very important. First, the small investor of our country lacks a valid investment outlet, the creation and development of fund at the right moment made up the shortage of this aspect. Secondly, the investment of fund belong to direct investment,it will carry out direct investment with indirect investment of balance. Again, the fund belongs to one of the most mature organization investors, the big development of fund is advantageous to our country capital market. End, the fund provide valid investment path for the agency, thus it can perfect the agency protect system.See from the angle of fund, the accomplishment evaluation of fund has count for much meaning. The investment of fund portfolio's requiting can't be accurate to reflect the different circumstance that each kind of fund face, the strict research of accomplishment evaluate needs to consider an investment target, invest object, invest risk and invest style. Moreover, the logarithms will also evaluate a creation a graveness influence to the results of fund according to different treatment.This text of the second part in brief and all introduces a stock certificate investment and classification of the fund. Stock certificate investment fund means that passing to sell a fund quota collects a funds, is purchase by the investor, the fund trusteeship person entrusts to the care of a funds and the usage funds of the fund administrator investment obtains the fund of income at the stock certificate. The fund can in brief is divided into several type is as follows: According to the operation method of the fund impassability, is divided into close-type fund and open-type fund;According to the organization structure of the fund dissimilarity, is divided into a contractual type fund and company type fund;According to the investment object of the fund dissimilarity, s divided into a stock fund, bond fund, money market fund, hybrid fund, index number fund...etc; According to investment target dissimilarity, is divided into a growth type a fund, income type a fund, equilibrium type fund; According to collect the dissimilarity of way, is divided into publish fund and private fund; Other type funds.The third part is detailed of to abroad theories, and in brief introduces a local substantial evidence research. Aim at meaning and characteristics of different index sign, this text is in the accomplishment the evaluation the process comprehensive consideration and used various index sign, lined up the foundation top of preface to make a comprehensive evaluation a row a preface to the sample fund in each index sign.The four part is empirical analysis.This text with appeared on market before in 2001 of 10 funds for research object, investigated sample on June 31, 2001 to December 31, 2006, altogether is the long-term accomplishment in 22 quarters degree. What this text study is the fund long-term accomplishment, the sample of selection is history longer close-type fund, the main conclusion of the research as follows:1. see from the average rate of return, the rate of return of sample fund is all high at the market average rate of return, the risk of sample fund is low at the market in the meantime, this expresses a sample fund all of the accomplishment won the market; Fund and fund comparison, the accomplishment of fund is basic with the risk undertake by it just related. The return ratio is also an accurate degree.2. from the Sharp index number and Treynor index number to see, the differences in four index signs is more big, cause Sharp index number adjust be all risks, Treynor index number adjust be a system risk, this express different sample fund at dispersion not system risk of there is obvious difference on the ability; From Jensen index number to see, the accomplishment of sample fund is all better than market; See from the value, although the system risk of sample fund is low than the combination of the market ,the accomplishment of fund is still closely related with market, once the market goes down, the net worth of most funds would fall. 3. research result enunciation all sample fund win the market, the high-efficiency market will not appear the circumstance that most funds win the market, this enunciation our country stock market efficiency is low-efficiency.According to the above research conclusion, this text puts a following policy suggestion: The first, exaltation fund the professional management of the industry ability. The second, strengthen the universal publicity toward the fund, let investor understand the risk and income of the fund; Make the investor understand only to invest a fund over a long period of time, then they can obtain quite good income. The third, let our market to be a norm stock market, a perfect market mechanism, a high-efficiency market. |
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