The Evaluation Of Securities Investment Fund’s Performance

Securities investment funds is a new thing in China, but it develops rapidlyrelying on the emerging market environment, Securities investment fund experiencefrom inexistence to existence, from a limited amount to much, from the closed to theopen and a multi-level system and so on. The fund has become the most vigorous anddynamic branch of China’s stock market. With the rapid development of China’ssecurities market, fund investment philosophy and investment strategy has played animportant role to Chinese stock market.With the continuous establishment and development of various fund, the functionof securities investment fund for investors and the fund company is becoming biggerand bigger, the way to examine the securities investment fund’s performance correctlyhas become a major issue of the investors, regulators and all kinds of financialorganizations. An effective method of evaluating the fund has become crucial to thesuccess of financial investment, so the performance of securities investment fund is ofgreat significance.In this paper, considering the Chinese fund’s current development, it has acomprehensive research of the securities investment fund, first of all, this paperintroduces the history of the fund and the situation of the fund’s research at home andabroad, in this way we have an overall understanding of the fund and its evaluationtheory, it has a research of the fund’s overall performance, securities selectionability, timing ability and its performance’s persistence, about the overallperformance, it use the method of the traditional yields, risk,the improved methodsuch as the Treynor index, sharpe index, Jensen index, it includes the theoreticalanalysis and the empirical test, According to the least square method, it has a analysisby using Eviews and China’s securities investment fund data in order to judge whetherthe fund performance is more effective than the market.About the stock selection ability and timing ability, it first introduces the usefulmethods and analyzes their applicability in Chinese market, By using the T-M andH-M model, it has a multiple linear regression analysis basing on least square method,it evaluates the managers’ securities selection ability and timing ability, About the persistence of fund’s performance, it mainly uses two ways which is cross-sectionanalysis and two-way table method. Finally, it makes a comprehensive summary andanalysis according to the research results, it also puts forward some useful suggestionsfrom the sides of policy guidance and economic management in combination with thespecial market conditions...