Research on the Evaluation Method of Fund Manager's Performance

摘要

In China, the frequent change of fund manager caused by the over-attention on the fund performance and inappropriate selection of evaluation index has become a characteristic of fund business. This article bases on the analysis of the actuality and situation of the performance evaluation for fund manager,integrates basic index (Morning fund performance rank)and assistant index (investment ability of fund manager)to design a detailed and practicable fund manager performance evaluation project. The innovations of this article are using the method which integrates classical Jensen model and T-M model as assistant index and fund performance rank, evaluating fund performance, ability of securities selection and market timing of fund manager, and getting the performance classification of fund manager. The empirical analysis proves the validity and coherency of the applications of the two models, and validates the serviceability and practicability of the evaluation project. These attempts have never been done by others. Accordingly, this fund manager performance evaluation project is worthy of being thought, adopted and applied by fund management companies.