中国开放式基金绩效评估以及持续性的实证研究

发布时间：2018-03-22 19:41

本文选题：基金业绩　切入点：持续性　出处：《广东财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：起源于十九世纪六十年代英国的证券投资基金，近年来的发展取得了显著地成效，尤其是上世纪在美国更是取得了举世瞩目的成绩。100多年来，证券投资基金始终是证券投资的主要工具之一。证券投资基金的主要特点就是共同承担风险以及相互分享利益。通过组合投资的形式募集众多投资者的资金投资于各类金融产品，最后将所取得的收益进行平均分配。当然投资组合的形式可以分散风险，因此多被基金公司采用，同时基金管理人的专业水平也可以在很大程度上左右基金业绩的好坏。基金绩效可以有效的评估基金公司的投资管理水平。它是一个相对客观、公正的评价，，可以从根本上说明基金的实际运作情况。对于基金经理人择时、选股能力研究的意义在于可以帮助投资者正确衡量投资经理人的能力，可以帮助投资者摆脱证券市场基金一定能战胜市场的误导，可以帮助投资者一步一步正确认识投资基金业绩的源泉所在。反过来基金绩效的研究可以刺激投资基金经理人不断补充自己的专业素养和经营管理能力。证券投资者往往依据投资基金的历史业绩作出投资决策，这潜含着一个条件就是基金业绩存在持续性。当然如果基金业绩具有持续性，那么可以根据历史的基金业绩去预测未来的基金业绩水平，同样历史的基金业绩会对投资者的心理和投资决策产生很大的影响。当然如果某只基金的业绩变化非常频繁，或者旨在历史中某个阶段出现过良好的业绩，那么这种基金的业绩就不能用来预测未来的业绩，也不能作为投资者投资决策的依据。因此，在基金业绩存在持续性的前提下，投资者才能利用其历史业绩数据去预测未来的基金业绩。本文在综合分析国内外基金业绩研究情况的基础上，找到一种适合我国开放式基金业绩研究的方法和模型体系，结合所选取的63只股票的历史业绩，进行业绩评价。同时对基金进行分类研究，并以此来分析基金业绩的来源问题。最后运用模型去探讨我国的基金业绩是否存在持续性问题。
[Abstract]:The securities investment fund, which originated in Britain in the 1860s, has achieved remarkable results in recent years, especially in the last century, especially in the United States, which has made remarkable achievements in the past 100 years. Securities investment fund is always one of the main instruments of securities investment. The main characteristic of securities investment fund is to share risks and benefit with each other. In all kinds of financial products, Of course, the form of investment portfolio can spread the risk, so it is used by the fund company, and the professional level of the fund manager can control the performance of the fund to a great extent. Fund performance can effectively evaluate the investment management level of fund companies. It is a relatively objective and fair evaluation, which can fundamentally explain the actual operation of the fund. The significance of stock selection research is that it can help investors to measure the ability of investment managers correctly, and can help investors get rid of the misdirection of securities market funds. In turn, the research of fund performance can stimulate the investment fund managers to supplement their professional quality and management ability. Securities investors often make investment decisions based on the historical performance of investment funds, which implies that there is continuity in fund performance. So you can predict the level of future fund performance based on historical fund performance, and the same historical fund performance can have a significant impact on investors' psychology and investment decisions. Of course, if a fund's performance changes very frequently, Or if there is a good performance at some point in history, then the performance of such a fund cannot be used to predict future performance, nor can it be used as a basis for investors to make investment decisions. Investors can use their historical performance data to predict future fund performance. Based on the comprehensive analysis of domestic and foreign fund performance research, this paper finds a suitable method and model system for open-end fund performance research in China, and combines the historical performance of 63 selected stocks. At the same time, it analyzes the source of fund performance. Finally, we use the model to discuss whether there is sustainability in fund performance in our country.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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