The Empirical Research On Performance Of Security Investment Fund In China

In this world, with the developing and maturing of security market fund industry as the typical representative of property management industry at present has become in the capital market the relatively independent finance service industry which keeps pace with the banking industry, the securities business, the insurance business, its importance and the influence rises unceasingly in the capital market. From 1868 in England the first investment fund-overseas and the colony government investment trust, calculated, the investment fund had the near 140 years history of development. All countries on the word are strengthening to the fund research on its moving mechanism, the theory and the achievements, in Western in particular in USA the theory and substantial evidence studying have been quite mature. Since 1992, the developing history of fund in our country is no more than 15 years, as the standard object of studying the investment fund developing history even shorter, the correlative theories and the substantial evidence studying of funds fall behind extremely. The developing speed of security investment fund industry is extremely rapid in the Chinese capital market, its has become a new domestic stock market important force, so it is the urgent matter to speed up the research of the domestic investment fund industry, in particular to the measurement and the appraisal of the investment achievement . On the base of the Capital Asset Price Model and the foreign experience foundation, linking to the Chinese reality closely, this article isprecisely carry on the careful studying of securities investment fund--the typicalrepresent of fund form the multiple perspectives and multiple levels, so that to found the problem and promulgated the rule.Based on the Capital Asset Price Model ,this article carries on the research fromtwo aspects--the risk and the income to the investment achievements of domesticsecurity investment funds. Research period is from April, 2005-September, 2006, altogether 18 months; study object on domestic fund market is 154 securities investment funds; Reference index is the composite index of security market (composite index = the returns ratio of Shanghai-Shenzhen 300 index×80%+ the returns ratio of China bond composite index×20%). This article utilizes the method of substantial evidence studying, research period is long, the coverage is broad (It is 66．8% accounting for the total domestic fund), the research conclusion has the strong representation and the practical significance. In view of the actual situation of the domestic investment funds industry, we first elaborated the fund development history, the classification, the characteristic and the function, then carefully elaborated fund combination theory, the achievements appraisal target and the analysis means, thenfrom four aspects--the investment fund overall earning capacity appraisal, theoverall investment ability appraisal, the open style fund and the close-ended fund comparison, the fund property built-up section income and the risk compare emphatically and systematically analyze the achievements performance of the domestic investment funds industry , promulgated the domestic investment funds industry present situation, the existence question and the countermeasure, and gives the mentality and the method which further studies.