中文摘要：

将Malmquist效率指数引入到投资基金评价中,以刻画我国投资基金业投资组合管理效率在不同市场环境下的动态变化,旨在为基金业的发展提供决策借鉴.DEA静态评价发现：就平均而言,股票型基金和债券型基金在熊牛转换的市场环境下管理效率变化较大.而通过Malmquist指数的分解,发现近两年中国证券投资基金管理状况是优化的,拉动基金投资组合管理效率不断增长的主要原因是产品运作方式创新、经营方式创新和管理制度创新以及规模效率的提高.

英文摘要：

This paper introduces Malmquist index into mutual funds evaluation to depict their portfolio management efficiency＇s dynamic movement in different environment.DEA static evaluation finds that stock funds＇ and bonds funds＇ management efficiency changes a lot in course of bear market converting to bull market.While Malmquist index decomposition finds the management efficiency is optimizing,the main reason of that is products operation innovation,management system innovation and t scale efficiency elevation.