It's easy enough to dynamically execute a string ...
create or replace function fmt_fname (p_dyn_string in varchar2)
return varchar2
is
return_value varchar2(128);
begin
execute immediate 'select '||p_dyn_string||' from dual'
into return_value;
return return_value;
end fmt_fname;
/
The problem arises where your string contains literals, with the dreaded quotes ...
SQL> select fmt_fname('TEST||to_char(sysdate, 'DDD')') from dual
2 /
select fmt_fname('TEST||to_char(sysdate, 'DDD')') from dual
*
ERROR at line 1:
ORA-00907: missing right parenthesis
SQL>
So we have to escape the apostrophes, all of them, including the ones you haven't included in your posted string:
SQL> select * from t34
2 /
ID FILENAME
---------- ------------------------------
1 APC001
2 XYZ213
3 TEST147
SQL> select * from t34
2 where filename = fmt_fname('''TEST''||to_char(sysdate, ''DDD'')')
3 /
ID FILENAME
---------- ------------------------------
3 TEST147
SQL>
EDIT
Just for the sake of fairness I feel I should point out that Tony's solution works just as well:
SQL> create or replace function fmt_fname (p_dyn_string in varchar2)
2 return varchar2
3 is
4 return_value varchar2(128);
5 begin
6 execute immediate 'begin :result := ' || p_dyn_string || '; end;'
7 using out return_value;
8 return return_value;
9 end;
10 /
Function created.
SQL> select fmt_fname('''TEST''||to_char(sysdate, ''DDD'')') from dual
2 /
FMT_FNAME('''TEST''||TO_CHAR(SYSDATE,''DDD'')')
--------------------------------------------------------------------------------
TEST147
SQL>
In fact, by avoiding the SELECT on DUAL it is probably better.