我国开放式股票型基金绩效的实证研究

发布时间：2018-01-03 03:10

本文关键词：我国开放式股票型基金绩效的实证研究　出处：《复旦大学》2012年硕士论文　论文类型：学位论文

【摘要】：自1998年以来,我国证券投资基金业已走过了13个年头。纵观基金行业的发展历程,基金业总体发展速度较快,在资本市场的影响力日趋增强,成为最重要的机构投资者之一。截至2011年9月30日,我国共有基金管理公司67家,管理基金867只。基金资产净值合计21310.03亿元,基金份额规模24506.83亿份。在这13年的发展历程里,我国基金经历了2001年至2005年的五年熊市,也经历了2006年至2007年的牛市,更经历了2008年市场暴跌之后的持续震荡。不言而喻,证券投资基金也在我国资本市场占有重要的一席之地。对于广大的投资者而言,随着我国证券投资基金业行业的不断发展壮大,基金同业之间竞争的加剧,与此同时,基金业也面临着其他理财产品的竞争,众多风格迥异的基金增加了广大投资者在基金的甄别和遴选方面的困难。同时,市场上诸多的明星推荐、基金评级和排行榜,更使得投资者无所适从。市场上的公募基金数量与日俱增,但各只基金对于资产的投资管理能力却是参差不齐。目前,虽然公募基金的数据较为丰富,但投资者如何才能对众多的公募基金绩效进行有效的比较,是实业界和学术界都关心的问题。本文就此选取开放式股票型基金为样本,针对基金经理选股能力和择时能力进行研究,基于影响证券投资基金投资收益的因素,考察各影响因子对基金绩效的影响,以便引导投资者在投资开放式股票型基金是,做作出较佳的投资选择。
[Abstract]:Since 1998, China's securities investment fund industry has gone through 13 years. Throughout the course of development of the fund industry, the fund industry's overall development speed is enhanced in the capital market influence, become one of the most important institutional investors. As of September 30, 2011, China's total of 67 fund management companies, fund management 867. The net value of the fund assets total 2 trillion and 131 billion 3 million yuan, the fund size of 2 trillion and 450 billion 683 million copies. In the course of development of 13 years, China's fund experienced in 2001 to 2005 five years bear market, also experienced from 2006 to 2007 of the bull market, more experienced a sustained concussion after the 2008 market crash. It is self-evident that the securities investment fund also has important a space for one person in the Chinese capital market.
For the majority of investors, with the continuous development of China's securities investment fund industry industry, the competition between the fund industry increased, at the same time, the fund industry is also facing the competition of other financial products, many different styles of fund to increase the fund investors in the screening and selection problems. At the same time, many of the recommendations the star on the market, the fund rating and ranking, makes investors more confused.
The number of funds raised on the market but the fund to grow with each passing day, asset investment management ability is uneven. At present, although the abundant raised funds, but investors how to conduct effective comparison of the performance of public fund is numerous, are concerned about the industry and academia.
This paper selects the open stock fund as a sample, to study the fund manager's stock picking ability and timing ability, the influencing factors of the investment return of securities investment funds based on the investigation, all the influence factors on the performance of the fund, to guide investors in the investment of open-end funds, make better investment choices.

【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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