Evaluating fund performance in data envelopment analysis is more comprehensive than in traditional single-factor or multi-factor models. An improved DEA model is proposed in this paper based on performance characteristics of equity funds in China, which is called PCPC (preferrable category partly control) model, serving as an assessing tool for equity mutual funds. In this paper,definition and dual form are provided. In succession, not only detailed illustration for PCPC model's property, but also predigestion is given. Furthermore, we enumerate PCPC model's analysis avenue and apply it into equity mutual funds evaluation in China.
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