The Empirical Study Of Comprehensive Evaluation On Closed-end Funds Performance

In recent years, with the rapid development of China fund industry, and fund variety is also growing and innovative, in face of so many available varieties of funds to choose, investors tend to fall into a selection dilemma, how to scientific and comprehensive evaluation of different fund performance to select the fund investment varieties with high rate of return is a lot of fund investors pay attention to the problem, At the same time is also the fund companies, regulatory bodies of the considered problem. Closed-end fund is the fund industry in the development of our country history is the longest and most familiar variety by fund investors. It is selected as the research object can obtain relevant data of long study period. So this paper with closed-end funds as the research object, through draw lessons from fund evaluation methods after the study proved on the western mature market that have studied out by foreign scholars, and then base on the development of closed-end funds in China, respectively, using several kinds of fund performance evaluation index to compare and evaluate the13samples of closed-end funds that is selected, and according to the result to analyse if its performance can over the market. On this basis, using the factor analysis method of SPSS statistical software to try to establish a comprehensive model, in order to comprehensive evaluate the long-term performance of closed-end fund. In comprehensive evaluation of the empirical study, use the rate of return, Treynor index, Jensen index, Sharpe ratio, ratio of information and improve the Sharpe ratio, standard deviation, beta, fund size, the final total net value of10indicators, to do factor analysis for13closed-end funds, only expect to find out the main factor to build a comprehensive evaluation model to evaluate the long-term comprehensive performance of closed-end funds. Through the empirical research of this paper, we conclude the risk adjusted performance and comprehensive performance of fund Taihe, Anshun, Yulong, Tianyuan is the best, in addition, the return of these13funds all can overcome market benchmark in a longer review period. The research of this paper is a further exploration to the performance evaluation of domestic fund research.