Performance Measurement For Chinaese Open-End Funds

With the rapid development of capital market in our country, the influence of the open-end funds on securities market is more and more obviously. Scientifically and rationally measuring their performance can provide fund mananer,investor and supervisor with abundant information that can be used for making decision.The paper will analyze Chinese open-end funds performance through descriptive statistics study and empirical analysis. Firstly,it introduces the development of the open-end funds in foreign countries and in China and expositions the importance of performance measurement of securities investment funds.Secondly, Sum up and analysis the methods of the open-end funds performance. On this basis,through descriptive statistics study to the open-end funds,including their basic performance,investment style, fund asset allocation structure, Concentration of shareholdings etc. The 41 open-end funds established before December 31, 2003 as study samples, measuring their performance from December 31, 2003 to December 31,2005. Through empirical analysis to Chinese open-end funds performance,including basic performance of open-end funds, the skill of market timing selection and stocks selection and the performance persistence of open-end funds.Through the researches we can draw the following conclusions. The investment style of vast majority of Chinese open-end funds is holding big-cap growth stocks and big-cap balance stocks. In the distribution of assets, most of the fund's stockholding ratio does not exceed 80% of the net assets.Chinese open-end funds as a whole exceed the benchmark without taking into account the risk factors of the case based.But taking into account the risk factors of the case based, Chinese open-end funds as a whole does not exceed the benchmark . Fund managers do not have a good stock selecting performance and timing selecting ability. Short-term performance of Chinese open-end funds does not have persistence. In the end ,make some suggestions on application to investor, securitiyies compaies,and supervisor.