Meet the conditions for setting up an evaluation agency.
Some foreign rating agencies, such as Morningstar, the most famous fund rating agency in the United States, generally only evaluate and rank funds that have been in operation for three years or more. According to the insiders, the operating time of funds in China is relatively short, and the varieties are similar. Therefore, to some extent, the conditions for the establishment of China's fund rating system are not yet mature. What do experts think? Then, what are the necessary conditions for establishing a relatively perfect fund evaluation system? Does China's fund industry have such conditions at this stage?
China's securities market obviously has many characteristics of its own. Therefore, when evaluating the securities investment funds in China's securities market, we should not simply copy the methods of western mature markets, but combine the unique situation of China's securities market and analyze specific problems. In my opinion, it's time to start fund evaluation, and some basic conditions for evaluation have been met. First of all, the fund has reached a certain scale and the variety is increasingly rich, so the market needs to classify and evaluate the fund; Secondly, investors, especially small and medium-sized investors, need to use public evaluation to help them choose investment funds; Third, there are overseas references. Fund evaluation will greatly promote the development of China's fund industry, greatly restrain the irregular behavior of funds and improve the market popularization of funds.
The variety of funds is being enriched, and the product innovation of the fund industry is gradually enhanced. Although it has not reached a considerable amount and kind of funds, it does not hinder the development of some basic work now. Under the pressure of market competition, the pace of fund industry innovation will only accelerate in the future. After next year, the number of fund management companies will increase greatly, and various fund products will spring up like mushrooms after rain. In this sense, the demand for fund evaluation is more urgent.
Personally, I think there are at least two conditions for establishing a fund rating system. First, investors have this demand, and second, the operation of different funds does reflect different risk/return characteristics. At this stage, I'm afraid the people value income more. Take several existing open-end funds as an example. The net value is announced every day. People are more concerned about whose net worth, who goes up and who goes down. Of course, there are many institutional investors in this market, such as insurance companies and social security funds or future pension funds. These large institutions have more distinct characteristics of risk/return preference, but they already have their own fund evaluation system. Look at the operation of the fund. At present, the types of funds launched by fund management companies all require their own styles and product characteristics, but there is no such big difference in actual operation between fund management companies, which is determined by this market situation. For example, there are now more than 1 1,000 listed companies. How many companies really have sustainable management ability, sound financial policy, strong R&D strength, flexible sales strategy and far-sighted strategic vision? How do dozens or hundreds of funds construct a completely different portfolio for fund managers to choose from in this limited investment alternative library? Therefore, it is often seen that many stocks with good quality are held by many institutions.