我国私募基金与公募基金的业绩实证研究与对比

发布时间：2018-05-13 19:21

本文选题：私募基金 + 公募基金　；参考：《西南交通大学》2013年硕士论文

【摘要】：近年来,我国公募基金与私募基金两者在证券基金市场上展现着越来越重要的地位。公募基金与私募基金是基金按照募集对象不同而分成的两大类。当前公募基金作为原本基金市场的主体在不断发展与壮大,而新兴力量私募基金也出现了超乎寻常的发展速度,强有力地占领了证券市场的一席之地。虽然,私募基金目前还没有完全实现合法化,但它作为基金市场的灰色地带在我国证券市场中扮演着越来越重要的角色。通过对基金业绩的评价研究,能够帮助市场上的个人与机构投资者全方位的了解各基金业绩的市场表现,给他们的投资策略提供更理性的分析。本文通过比较分析私募基金和公募基金在市场不同走向时期的投资业绩,进一步比较私募基金与公募基金的优势与劣势。在借鉴国外已相对成熟的业绩评价指标与模型上,对我国私募基金与公募基金业绩、业绩持续性与两类基金经理的选股与择时能力通过实证研究得出相关结论,以便对个人投资者提供相关的投资策略,并且促使政府等监管部门加强对两者的平衡与管理,针对当前私募基金与公募基金的发展现状及存在的相关问题进行分析,为二者未来的发展提出相应建议措施,促进市场更加有效健康的快速发展。研究方法上,本文采用了文献分析法、数据统计法以及计量分析法。首先查阅国内外对于私募基金与公募基金投资业绩的文献,并对其进行归纳总结,提出当前国内外学者的研究重点和不足之处,为下面的进一步研究作好准备；然后,收集了我国私募基金和公募基金与业绩相关的数据,并进行一个初步的加工整理；最后,采用基金月均收益率以及风险调整的业绩评价指标,利用SPSS软件回归分析两类基金在不同时期内的表现,还研究了两类基金是否存在显著的业绩持续性特点以及两类基金经理的是否具有显著的选股与择时能力,并得出相关结论。
[Abstract]:In recent years, both public funds and private funds in China are playing a more and more important role in the securities fund market. Public funds and private funds are divided into two categories according to different raising objects. At present, as the main body of the original fund market, the public offering fund is developing and expanding constantly, and the emerging force private equity fund has also appeared the unusual development speed, has occupied the stock market place powerfully. Although private equity funds have not been legalized at present, they play a more and more important role in China's securities market as the grey area of fund market. Through the evaluation of fund performance, it can help the individual and institutional investors in the market to understand the market performance of the fund performance, and provide a more rational analysis of their investment strategy. This paper compares the advantages and disadvantages of private funds and public funds by comparing and analyzing the investment performance of private funds and public funds in different market trends. On the basis of relative mature performance evaluation indexes and models abroad, this paper draws a conclusion through empirical research on the performance, performance persistence and stock selection and timing ability of private equity fund and public offering fund in China. In order to provide individual investors with relevant investment strategies, and urge the government and other regulatory authorities to strengthen the balance and management of the two, the current development of private funds and public funds and the existing problems are analyzed. This paper puts forward corresponding suggestions for the future development of the two and promotes the market to develop more effectively and healthily. On the research methods, this paper adopts the literature analysis, data statistics and econometric analysis. First of all, we refer to the domestic and foreign literature on the investment performance of private equity funds and public offering funds, and summarize them, and put forward the current research focus and deficiencies of domestic and foreign scholars, so as to prepare for the following further research. This paper collects the data of private fund and public offering fund related to performance, and carries on a preliminary processing. Finally, the performance evaluation index of average monthly rate of return and risk adjustment of fund is adopted. Using SPSS software to analyze the performance of the two kinds of funds in different periods, this paper also studies whether the two types of funds have significant performance persistence characteristics and whether the two types of fund managers have significant ability of stock selection and timing, and draws relevant conclusions.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

【参考文献】