Appraisal Of Performance For Open-end Fund In China

With the rapid development of Capital Market in our country, the equity open-end fund is playing a more and more important role on securities business. Scientifically, justly and rationally measuring their performance can provide fund manager, investor and supervisor with abundant information that can be used for decision. This thesis will analyze 16 equity open-end fund of China with qualitative and quantitative analysis.Firstly, elaborates the background of the topic and the cause why picks up the topic, introduces the structure and the research methods of the thesis.Secondly, introduces the open-end fund's conception, classification, features and risks. Introduces the development overview of the open-end fund in China and the current situation of research of our country, and then introduces the fund theory and appraisal method of fund performance appraising one by one.Based on the above analyzing, this thesis will go on to appraise the investment performance, the skill of market timing and stock selection and the lasting performance of 16 open-end funds in China. After the conclusion is drawn as the following: the performance of the great mass of fund in China can exceed the benchmark, the fund manager not have prominent skill of market timing and stock selection, the fund performance has short-term constancy but not has long-term constancy.At last, based on the empirical research result, labels the strategy about how to advance the fund performance appraisal in China, and makes the suggestions for fund supervisor, manager and investor. Above all, conceive the system for open-end fund performance appraisal.