The Performance Evaluation And Empirical Study Of The Open-end Fund

Securities Investment Fund since its inception has been tremendousdevelopment in the world, directly or indirectly affect the development of thenational economy, and has become the fourth largest financial pillar of the banking,securities and insurance later. With the rapid development of finance and technology,modern economy in the operation or whether it is in terms of organization andmanagement, compared with the previous traditional economy, great changes havetaken place, the most important point is that finance has become a modern economycore. In addition to the impact on economic development, the fund is one of the mainchannels for the majority of institutional and individual investors, and how to fundscientific and reasonable performance evaluation not only for investors to guiderational investment play a good role for the supervision of fund managers reasonablerisk to increase future earnings gain control is also very helpful. Meanwhile,government regulators also need to be taken through in-depth study of the fund toassess the appropriate measures to manage its development. So research fundperformance can not only better grasp of fund development, but also to providebetter advice to investors and investment channels, its practical significance isself-evident.How to fund performance using appropriate methods to accurately model hasbeen considered one of the topics specializes in academia. The main application ofthe other differences between the theoretical system developed molding financialmarket developments at home and abroad, making China’s fund industry whenevaluating. However, the actual performance of these rationality and practicality as well as domestic funding agencies theoretical model has been plagued bycontroversy. This article is based on this literature by domestic and foreign funds tosort, select the major theoretical approaches to domestic funds30samples empiricalanalysis to verify the correctness of the theory of rationality.The main contents include: First, while introducing the theme of this articledescribes the background of fund performance evaluation studies and practicalsignificance. And description of the overall structure, lack of innovation and the fulltext of the study. Second, combing major fund research literatures, a method toextract the performance assessment model used for the empirical analysis below thetheoretical basis. Third, the main theoretical model system used herein to explain,including the traditional index fund yields assessment, modern risk-adjusted returntargets, such as in the Markowitz model formed on the basis of Treynor index,Sharpe index, Jensen index and build correction Sharpe Index (RAROC model) VaRmodel is based on, as well as other funds picking ability timing ability model. Fourth,through the30open-end equity funds yield data sample screening and treatment, theabove analysis and comparison of one model to verify the theory and fit the actualsituation. Fifth, in the empirical analysis, we found our open-ended equity fundproblems and make recommendations accordingly.