Construction And Application Of The Performance Evaluation System Of Fund Management Company In China

Securities investment fund management companies in our country,from the6fund management companies in1998started at the beginning of the development to the70fund management companies by the end of2012, already has a certain scale. With China’s rapid economic development in recent years, China’s capital market matures, the securities investment fund industry has entered a rapid development stage.The fund is a new investment tool, has been more and more widely known and accepted by most investors.At present our country for the majority of fund research focused on the performance evaluation of funds, research from the view of fund management company’s point of view is less,in fact, the fund management company is the direct manipulation of fund, decides the investment decision, to fund the importance without doubt, the fund management company’s investment operation ability is an important factor to determine the fund performance, so it is necessary for the construction of China’s fund management company’s performance evaluation system.Therefore, this paper chose to study from the fund management company’s point of view, the construction of performance evaluation system of fund management company and an empirical application.Constructed the comprehensive and scientific evaluation of the level of fund management company performance index system to investors have important guiding significance, investors can make a reasonable choice among different fund management companies and then choose the fund, so as to obtain the income as large as possible.In addition, the fund management company, to understand the advantages and disadvantages of the provided reference basis, thus active effect to the long-term development of the company’s.From the regulatory point of view, can be the basis for the relevant policy, promote the healthy development of China’s fund market.Based on relevant research on fund management company performance evaluation at home and abroad,in order to achieve different levels of scale were compared to the fund management company performance, select the51fund management company as the object of study,the related data of2008-2012over the past5years as the basis for the construction of performance evaluation index system of fund management company, and the construction of index system is testing the theory and empirical test, to verify the scientific, comprehensive evaluation system.The fund management company’s performance appraisal system theory is verified using the Balanced Scorecard theory, not only consider the rationality of the performance appraisal system, performance evaluation system of strategic is considered.By the method of factor analysis on empirical research of fund management companies in China’s performance level by using the evaluation system, according to the results of empirical research, combined with relevant financial theory, linked to the development of China’s fund management company, make reasonable explanation and put forward its own proposals.