The Evaluation System Of Security Investment Private Fund In China

In February2004, HuaRun built a famous securities investment trust fund:Santa Claus, opening the era of security investment private funds. Since2007, security investment private funds came into the explosive growth phase. Wind Information Statistics show that, in December2012, the total number of established security investment private funds reach4053, and the total scale of funds in management exceeds237.3billion RMB. Along with the rapid development of security investment private funds markets and the rapid expansion of the scale, in so many security investment private funds, how to evaluate security investment private funds, how to choose the risk-benefit-bestmatching security investment private funds has become the urgent need to solve the problem now. There are lot’s of difference between the mutual funds and security investment private funds,such as the investment threshold, the opening period, the value of disclosure, promotion and publicity, and so on. In many aspects, security investment private funds have its own unique characteristics. There are thousands of research literature studying mutual funds, but the number of studying of security investment private funds is so few. In the dairly work, the author is also facing the difficulty:How evaluate the performance of the security investment private fund effectively.Therefore, it is important to study the evaluation system of security investment private funds. There is very important theoretical value and practical significance.Firstly, the article expounded the basic theory of securities investment funds, based on the widely studies of fund evaluation studies. Then, the author analyzed the detailed difference of security investment private funds and public funds characteristic differences. And the author constructed the evaluation index system of evaluation index system, including the five highest class index of the fundamental strength of the company, investment research team, product strategy, product contract, profitability indicators and the second class index of22indicators. Then, after the expedition of the HFR trading strategies, the author chose the five investment of stocks straddle, private placement, relative value, quantitative arbitrage, block trading to study the evaluation of security investment private fund seperately. In addtion, the paper selcted the famous security investment private funds as the sample data. In accordance with the above constructed evaluation system of security investment private fund, the author carried out an empirical research from both qualitative and quantitative aspects of security investment private funds, concerning the different investment strategy. The empirical results show that the segmentation security investment private funds investment strategy for the comprehensive evaluation is Significantly, and it is necessary and feasible to introduce the investment strategy into the system of comprehensive evaluation of security investment private funds.There are two innovation points in the paper. On the one hand, there is not any literature studing the performance of the security investment private fund in consideration of the fund’s investment strategy. This article will attempt a study combining the security investment private fund’s strategy and its performance. It does be a bold exploration and breakthrough. On the other hand, the author conduct a trial in building the evaluation index system including the index of charter, the optimal degree of sharing ratio, product design, the optimal degree of the scale and so on.