Empirical Research For Performance Evaluation Of Chinese Open-ended Partial Stock Funds

Hua'an chuangxing, the first open-ended fund came into existence in September 2001 which changed the phase that the fund breed was single in the sucurity market of our country. Close-ended funds were ceased to be issued in our country since August 2002,there came a stage of the rapid development of open-ended funds.There are 483 open-ended funds was founded by September 2009,open-ended funds have exceeded the close-ended funds whether in quantity or scale,and have become the institutional investors which holds the balance in the security market in our country. Along with the rapid development of open-ended funds, people become to concern their performance generally. The problems whether the open-ended funds can reveal the ability of specialist financing, and if they can earn favorable income for the shareholders, and whether open-ended funds can overcome the new security market of China are all the focus which are concerned by the people.Just for that reason, it becomes impendence to evaluate the performance of the open-ended funds completely and impersonality.Although the theory to evaluate the performance of the mutual fund has become very mature, and the scholars have gone deep into the positive research in the foreign countries,the research about this aspect in our country has just begun. Most of the positive performance research in our country aimed at the closed-end fund, there was little systematical and thoroughly evaluation about the open-ended funds, especially it is almost a blank to evaluation the performance of the open-ended funds entriely and systemically. Just so, this article tries to evaluate the performance of the open-ended funds in our country nicety and impersonality through a series of positive research by the use of the performance evaluate theory in existence, on the background of the fact of the security market in our country, adapting the way to combine the theoretical analysis and positive analysis.By using of indicators of yield index, risk-adjusted yield index (Treynor index, Sharpe index, and Jensen index), T-M model, H-M model,and two-way contingency tables model, this paper makes the evaluation on open-ended partial stock funds by the five aspects of month yield, risk level,risk-adjusted yield, market timing and security selecting ability, performance persistence.From the empirical analysis,the main conclusionscan be drawn as follows:(1)the samples excels market benchmark overall.(2)0n the whole,both the overall risk and the systemic risk of the open-ended partial stock funds are less than that of the market benchmarks, but the systemic risk is still an important factor impacting the fund performance.(3)Different methods of performance measurement results represent high relativity, at the same time,the sortion results ranked by yield index shows a high relativity with that ranked by the risk-adjusted yield index.(4) During the evaluation time, the overall open-ended partial stock funds showed no significant market timing and security selecting ability.(5)During the evaluation time, samples have not shown a certain performance persistence either in short-term or in medium and long-term.