中国开放式基金业绩评价方法及实证的研究

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1、AbstractOpen．endedmutualfundisanewtypeinChineseinvestmemfundmarket．Itist11eoutcomeofmarketingeconomy’sdeVelopingtoahi出erstageajlditplaysaJlinvaluablepartinoursecuritiesmarket．Butt}Ievacancyofperfonnanceevaluation’ssystemisfataltothedevelopmentofopen-endedmutualfund。n

2、’sbecausemoderateandsmallinvestorshaveverylimitedspecialties．Ataboard，consummatemutualfhdeValuationsystembecomesthestalldardforpeopletogradeandevaluatemutualfund．Open-endedmutualfundjuststarted，soestablishingperfo肿anceevaluation’ssystemisnecessary．Thepu

3、poseofeValuat

4、ionistoreViewthatwhetherthe^mdcandisposetheinvestmentinfo蛳ationbetter．havemoreinvestrnentskillandmakeuseoftheadVantagestogetexcessreturns，comparingwithcommoninvestors、otherinvestingt001sandothernlnds．ThepurposeofresearchistodesigIlperfbnllanceevaluation’ssystemthatca

5、llbecalculated．T0reachtheajm，weestablishindexsystemwhichcanaJlalyZeoutstalldingachieVementofmndbyimroducingtheVaRindex．Atthebasisofmultjfoldindexes，wecangettheintegmtionresultofevaluationthroughchoosingscientmceValuationmethodofmultifoldindexes．Byanalyzingevaluationr

6、esult，therelanvecharactersof凡ndscanbefound．Therefore．thearticlemainlvusesthenormatiVestudyandempiricalstudy，usesthebasictheoryandmethodofinvestmentandstatistics．Att11ebasisofinVestingaflalysis，thepeffonllanceevaluation’ssystemisestab¨shedbyusingthemettlodsoftimeseque

7、nceanalysis、relativeorderinspection、Tinspection，a11dsoon．Atfirstmispaperin仰ducesopen—endedmutualfIund’soveralldescriDtionandpresentstudy’soutcomesincludingthethreefactorsmodelofFamaa11dFrench、DEAmodelofChenGan舀andsoon．ThepurF}oseistosearchforcommonmethodsofanalyzinga

8、ndsolVingproblem．Atthepartoftheorya11alysis，TheModemPortfolioTheory、EmcjentMarketHypothesis、MallagementofFinancialMarketRiskTheorvaresetforcllespecially．Thesetheoriespmvidet11eacademjcbasisofestablishingevaluationsystem-Atthepanofanalysisofinnuencingfactors，weanalyze

9、innuencjngfactorsincludingitselfcharactcrf．actors、stylef砬tors、theabilityofchoosingsecurities、theabjlityofchoosingopportunity、feefac