我国开放式基金的业绩持续性及其影响因素
发布时间：2019-05-29 03:54
【摘要】：针对国内开放式基金的特点,本文运用参数法选取我国成立时间较早的40只开放式基金作为研究样本进行业绩持续性检验,并在此基础上采用逐步回归法确定影响开放式基金业绩持续性的显著因素。采用参数法的检验结果表明,样本基金的业绩持续期位于牛市中后期且持续时间不长,表明其业绩的持续性与我国股指保持强势的时间长短密切相关;以参数法所确定的21期业绩持续期为研究期间,通过逐步回归发现,除股指波动这一影响因素外,基金的股票交易周转率、成长型投资风格、持股集中度是影响国内开放式基金业绩持续性的显著因素。
[Abstract]:According to the characteristics of domestic open-end funds, this paper uses parameter method to select 40 open-end funds established earlier in China as research samples to test the performance sustainability. On this basis, stepwise regression method is used to determine the significant factors that affect the performance sustainability of open-end funds. The test results by parameter method show that the performance duration of the sample fund is located in the middle and late bull market and does not last for a long time, which indicates that the persistence of the performance is closely related to the length of time for the stock index to keep strong in our country. Taking the 21-period performance duration determined by the parameter method as the research period, through stepwise regression, it is found that, in addition to the influencing factor of stock index fluctuation, the stock trading turnover rate and growth investment style of the fund. The concentration of shareholding is a significant factor affecting the performance sustainability of domestic open-end funds.
【作者单位】： 河南大学工商管理学院;
【基金】：河南省科技厅2011年科技计划项目“后危机时代我国金融体制创新研究-以河南省为例”(112400430034)
【分类号】：F224;F832.51
[Abstract]:According to the characteristics of domestic open-end funds, this paper uses parameter method to select 40 open-end funds established earlier in China as research samples to test the performance sustainability. On this basis, stepwise regression method is used to determine the significant factors that affect the performance sustainability of open-end funds. The test results by parameter method show that the performance duration of the sample fund is located in the middle and late bull market and does not last for a long time, which indicates that the persistence of the performance is closely related to the length of time for the stock index to keep strong in our country. Taking the 21-period performance duration determined by the parameter method as the research period, through stepwise regression, it is found that, in addition to the influencing factor of stock index fluctuation, the stock trading turnover rate and growth investment style of the fund. The concentration of shareholding is a significant factor affecting the performance sustainability of domestic open-end funds.
【作者单位】： 河南大学工商管理学院;
【基金】：河南省科技厅2011年科技计划项目“后危机时代我国金融体制创新研究-以河南省为例”(112400430034)
【分类号】：F224;F832.51
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3 劳兰s，
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