Empirical analysis on performance evaluation of stocks open-end funds in China

摘要

China's equity investment fund market is developing forward at a rapid speed in recent years. As an investment tool of profit sharing and risk diversification, stock open-end funds are playing a more and more important role in stabling security market and optimizing resource allocation. Getting a knowledge about scientific and reasonable measurement methods, investors can make best decisions in selecting funds according to their investment style. Using new, survivorship bias-free data, we examine the performance of 40 active domestic equity institutional products. Using the CAPM model with the Treynor index, the Sharpe index, the Jensen index and the T-M model, we carry out an empirical analysis and draw a conclusion, on basis of sample funds' historical data from Jan 1^st 2009 to Dec 31^st 2010.