Since the establishment of the first open-end fund in 2001, the development of\nChinaâ??s fund industry has never stopped. In the development process of nearly\n20 years, people pay attention to the problems related to the fund, which are\nalways the same in many fund products, how to identify the value of investment,\nwhich can make investorsâ?? investment income optimal, and how to evaluate\nthe fundâ??s performance. It is very important to evaluate the return of the\nfund. But in fact, the performance of the open-end fund is mainly affected by\nthe fund manager and the fundâ??s own luck. The evaluation of the fund needs\na more complete and comprehensive consideration. Based on some fund\nperformance evaluation literature at home and abroad, this paper studies the\nlarge-scale stock fund in China, divides the sample database into index fund\nand active fund, and observes the influence of fundâ??s luck component on their\nperformance respectively, and uses three models to fit, in order to consider\nthe different ways of market interpretation of different models Different explanations\nof fund performance luck. The bootstrap method is used to simulate\nthe effect of luck component of fund performance. Based on the four-factor\nmodel of Carhart, the sustainability of fund performance is considered by alpha\nranking method. According to the empirical situation of the two kinds of\nfunds, this paper analyzes the technical situation of the fund managers and\nthe actual impact of fortuitous factors on the fund performance level, and then\nputs forward relevant suggestions for the participants of the fund market.
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