The Development and Performance Evaluation of Greater China Funds
Date Issued
2010
Date
2010
Author(s)
Chen, Tsuei-Jr
Abstract
In recent years, China performed reform and open policy, leading the economy of the Greater China region acceleration launching. Therefore, the global investor focused gradually on Greater China. In 1997, the first Greater China Fund registered, opening a trend of investing in Greater China Fund. However, our government set strict laws regarding investing in China in the initial period, including that fund cannot invest directly in China Stock market. In October, 2007, our government relaxed the limit of investing in China. The upper limit of investing in China was 0.4% of the fund or the account net assets value, meanwhile the upper limit of investing in Hong Kong and Macao was 10%. Our government further relieved the upper limit in July, 2008. The limit of investing in China was 10% while funds can invest freely in Hong Kong and other overseas markets.
After comparing the returns of Taiwanese Greater China funds, Offshore Greater China funds, and China Greater China funds, offshore funds get the highest absolute return and risk-adjusted return, showing that the research group and investment strategy of offshore funds are more mature than Taiwanese and China funds. On the other hand, when investment period was one year, Taiwanese Greater funds cannot get higher return than that of China. It may represent the different level of understanding in China market.
Subjects
Greater China funds
oversea investment funds
offshore funds
China funds
JV mutual fund company
foreign investment
Type
thesis
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