And we come to the following conclusions : ( 1 ) looked from the returns ratio target that , all funds achievement are better than the market datum combination ’ s in the sample time , but the funds overall achievement is inferior to interest rate ; ( 2 ) after the modification of the risk factor , our mutual funds outguess the market ; ( 3 ) there is not enough evidence that indicate that chinese security investment funds have choosing ability in the market opportunity and choosing ability in the security . ( 4 ) the achievement in the past of the fund can not represent market manifestation in the future of the fund . this article innovation mainly has following several aspects : ( 1 ) have established the overall target of a appraisal fund achievement and gone on the real example to analyze with the mathematics model , having solved the inconsistency problem of appraising the result of many kinds of 在此背景下,本文希望通过借鉴国外对基金业绩评价方面的经验,结合我国的国情尝试尽可能真实的、多角度分析我国证券投资基金在不同市场时期的业绩特点,如投资基金的回报及其承担的风险,基金经理的择时能力和选股能力究竟怎样,基金业绩是否具有持续性等等,为基金投资者、监管者、基金管理公司以及基金的发展提供一些参考,以引导社会资源更多地流向拥有理性投资理念、资产管理能力出色的基金管理公司,实现资源的优化配置,进而推动市场投资理念走向成熟。
2.
Using the net assets per capital , the investment return rate , the t - m model , the h - m model , the single factor evaluating model which consists of the treynor index , the jensen index , the sharpe index and the square m index , we evaluate the performance of the twelve mutual funds . and we come to the following conclusions : ( 1 ) after the modification of the risk factor , our mutual funds in the recent one year outguess the market ; ( 2 ) better performance comes from the aid of the government , the improvement of the investment environment and the hard , smart work of the managers especially in the way of selecting some securities in the capital market . ( 3 ) though we make progress , there are still many problems which prevent the further development of our mutual funds such as the devise of the management fee and the characteristics of different funds , all of them divided into the subjective ones and the objective ones 通过使用投资基金单位净资产和投资收益率指标、单因素整体绩效评估模型，包括treynor指数、 jensen指数、 sharpe指数和业绩的m ~ 2测度以及t - m 、 h - m模型对12只样本基金进行实证研究，实证研究表明： ( 1 )经过风险调整后，在最近的一年中，我国证券投资基金的业绩总体上优于市场基准组合； ( 2 )基金业绩的提高得益于管理层的重视、投资环境的改善和基金经理的经营，而基金经理的良好业绩是通过一定的证券选择来获得的； ( 3 )已成为证券市场上举足轻重力量的基金在发展过程中虽然取得了一定的成绩但其进一步发展还面临着许多问题，有主观存在的诸如管理费率的设定、基金风格方面的问题等等，也有客观存在的诸如证券市场现阶段的不完善等等，所以，我们应该抓住《证券投资基金法》问世带给基金业发展的契机，大力促进证券投资基金规范发展，采取各种措施做大、做优和做强基金业。
