【摘要】 投资基金作为一种共同投资与专家经营相结合的金融工具,如何正确评价基金的业绩是投资者关心的问题。运用晨星基金评级体系,对我国投资基金业绩进行了评估,通过与Sharpe系数、Treynor指数、Jensen指数评估结果的对比分析,表明晨星评级方法独有的风险调整收益方法,对我国基金绩效评估存在着缺陷和不足。我国应设立由基金分类、基金评级指标和基金评级三部分组成的基金评估体系。更多还原

【Abstract】 As a new type of financial instrument characteristic of cooperative investment,experts’ operation,shared risk and common benefit,mutual funds have become an important investment instrument worldwide.while the fund market has developed a lot.To confront more and more varieties of investment fund that can be selected,it is becoming an urgent task that how we can evaluate different fund’s performance correctly and scientifically to choose the funds of the higher investment return rate.The dissertation of my paper is to study the mature theory and model in the foreign mutual funds evaluating market-Morningstar mutual fund evaluation system through demonstration analysis,so that we can compare and analyze the Morningstar evaluation outcome with the traditional evaluation exponent such as return rate,Sharpe measure,Treynor exponent,Jensen exponent.Using the evaluation result and the present condition of fund market of our country,we can appraisal the applicability of Morningstar fund evaluation system.The ultimate intension is to establish a suit of system that can evaluate the performance of the fund in our country roundly through the study and use for reference of Morningstar fund evaluation system and the consideration of the present condition of our fund market.更多还原