Chinese Open-end Funds Performance Study Based On Fund Manager Evaluation

Since the day of November 14, 1997 when the experimental method of Securities Investment Fund is issued, through the development of 9 years, the industry of security fund in our country has taken shape. With the high speed expanding and the constant product innovation, open-end fund has gradually become performance of the fund the mainstream of the market. In the meantime, the management companies is different from each the investor's investment difference has gradually appeared. Fund performance assessment is the management guide of fund managers and fund investors. A scientific and rational assessment of fund performance can provide useful information not only for fund companies but also for investors and regulatory authorities, which is a critical link of the fund industry norms and healthy development. So by building an open-ended fund performance assessing index system according with the situation of our country to assessing its performance have acritical theoretic and realism significance.This article is precisely in profits from the overseas advanced theory and above experience's foundation, unifies the Chinese fund market closely the actual situation, has carried on the multi-level multiple perspectives research analyses to the domestic securities investment fund achievements, thus finds the problem, seeks for the rule. This article introduced fund achievements appraisal's five Dali discusses the foundation and the main model, simultaneously has analyzed our country fund achievement appraisal system existence question and the appraisal principle, and based on this, attempts from construction science reasonable fund manager to appraise the system to discuss our country open-end fund achievements appraisal system. We only chose for the past three years (by the end of 2008) in open style, the stock fund (including type of index numbers) have not held an office reach 2 year above fund manager to conduct the appraisal empirical study. Proposed through empirical analysis this article that in our country open-end fund's achievements horizontal whole obviously surpasses the market datum combination, our country stock market belongs to the weak trend effective market; Fund manager has obviously chooses the stock ability, presents certain selects when ability, but is not remarkable; The majority of fund's absolute achievement does not have the short-term endurance, but in the whole has the relative achievement and the union achievement long-term sustainability; Under the identical market datum has the remarkable relevance after the risk adjustment's three big targets, but it is weak with the returns ratio target's relevance, in the H-M model and TM under the model, between its correspondence's target has the strong correlational dependence, the investor may act according to own risk and so on factors to come to elect fine choice fund manager superiorly by chance. Finally has pointed out this article limitation.