Fund Performance Evaluation On ETF,Open-end Funds And Closed-end Funds In Varying Market Environmnts Based On DEA Model

With the introduction of new asset management regulations,the development of non-standard assets represented by bank wealth management,trust,and securities firm asset management has encountered a bottleneck period;at the same time,the concept of "housing to live without speculation" is deeply rooted in the hearts of the people.Fields poured into the fund industry,and the entire industry developed rapidly.As advanced financial products in mature markets,ETF products have gradually increased their attention after being introduced into my country;in 2018,the number and scale of newly issued ETF funds far exceeded historical years,and the hot market has attracted a large number of ordinary investors to participate in ETF fund investment.Driven by practical demands,related research on the performance of ETF funds has attracted more and more attention from the theoretical and practical circles,but there are still some deficiencies in the breadth and depth of ETF performance.This article sorts out in detail the respective style characteristics and development of China’s ETF funds,open-end funds and closed-end funds,and introduces some important guiding theories and classic evaluation indicators in the field of fund performance evaluation research;combining factor analysis and DEA models Perform data envelopment analysis,and conduct performance comparison research based on the comprehensive efficiency scores of each sample fund under different market conditions.According to the analysis of this article,four conclusions are drawn.First,the performance of stock ETF funds is better than open-end funds and closed-end funds under different market conditions;second,the performance efficiency of passive index funds is generally higher than that of ordinary stock and enhanced index funds,indicating that China The level of active management of funds still needs to be improved;thirdly,fund performance lacks continuity,and most fund managers cannot maintain the consistency of fund performance levels when market styles change;fourthly,the DEA model is more effective than traditional return indicators A more comprehensive and objective assessment of fund performance is made because traditional risk-adjusted return indicators only consider the impact of risk on fund performance,while in the DEA model,risk returns,management capabilities,cost and risk are comprehensively considered.The four factors collectively affect the fund’s return performance.In response to the above conclusions,several suggestions are made to fund companies,investors and professional investment consultants.