Performance Evaluation Of Open-end Fund An Empirical Study

Since March 27,1998 approved the establishment of China's first inception, Kim two closed-end securities investment fund, China's securities investment and fund industry developed rapidly. Especially from the September 12,2001 China's first open-end funds-since the birth of Hua An Innovation Fund, China's open-end funds into the rapid development stage. Less than 10 years of development, open-end fund closed-end funds as funds have replaced the mainstream market. Securities Investment Fund has become the capital markets, financial markets, and even the economic one of the most important institutional investors.More and more people have chosen to purchase funds into savings, securities investment funds as investors become increasingly recognized financial instruments and investment products. In this context, open-end fund performance also attracted people's attention. Especially in China, an emerging stock markets, the open-end funds are truly reflect the collection of financial management, financial experts, the advantages, its performance can outperform the market, our fund manager's investment management capabilities, have become focus of attention.Establish a scientific evaluation of fund performance is important. To fund management companies, the funds to establish a scientific performance evaluation system, in order to analyze whether the implementation of investment projects had been or over investment target, management of the Fund's experience summed up in order to enhance the company's management level. For investors, through the analysis of fund performance, investment management funds information available to its own circumstances, and adjust their investment strategies, because information is not real and to avoid losses. For investors, through the analysis of fund performance, investment management funds information available to its own circumstances, and adjust their investment strategies, because information is not real and to avoid losses. Therefore, to establish a scientific and reasonable fund performance evaluation system so that all parties will market the Fund's performance and an objective evaluation of investment results, not only of theoretical value Juyou high, the Securities Investment Fund for China China's Zheng Ge securities market system Naizhi system in the healthy development of great practical significance.In the empirical research design, this paper selected a total of 20 runs for three years in equity funds, Construction of the benchmark market portfolio, respectively, of their performance compared with the benchmark market portfolio, The use of a comprehensive performance evaluation system as a whole on the open-end fund in China to assess investment performance, To test the Western mainstream fund performance evaluation method in China's practicality. At the same time, testing the profitability of China's domestic fund managers have stock picking ability and really timing ability.Based on the country running for three years of the 20 studies found that stock funds, securities investment funds outperformed the benchmark portfolio's overall performance, investment fund managers in the test management capabilities, show China's fund managers have some stock selection ability But the timing ability is generally poor. This study concludes with the West is basically the same.