China Investment Fund Evaluation System And Persistent

Under the guideline of accelerating the development of institutional investors at an unusual speed ", mutual funds have emerged as one category of the most important institutional investors in Chinese securities market during the several years since their debut .As more and more new funds are being established, fund performance measurement draws a lot of attentions .The fund performance measurement has both theoretical and practical concerns. The research in this area in China is still in its elementary phase .This dissertation tries to make some efforts on this topic .the paper reviews and summaries the theories and methods in this field systematically. Based on that , The paper is a try in this field for the investors, especially middle and small investors. The system of evaluation includes 3 parts: the evaluation of historical performance of the funds, the classification of the styles of the funds, the evaluation of the management company.In the study, the main method of the paper is in quantum. From the adaptation of the index and the rule of fair play, the paper adopts the relatively risk-adjusted index for the evaluation of the funds. the classifying the styles of the funds are doing by behindhand analysis. From the results of the evaluation prediction of the trend of the funds' price is the important part of the paper for the aim at providing a guide to investment. The prediction will involve the problem whether the performance of the funds persist, this is also a key point of the paper. Because the inner operation and the governance of the management company are not reported publicly, the evaluation of the company cannot be done. The research conducted in this paper is expected to shed some light on Chinese mutual funds and local securities market, as well as to provide some new evidence of mutual funds performance acrosscountries.