我国券商集合理财产品价值投资的实证研究

发布时间：2018-01-11 10:08

本文关键词：我国券商集合理财产品价值投资的实证研究　出处：《兰州大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着2005年首只券商集合理财产品的亮相,其种类不断丰富,规模和数量不断扩张,已经成为我国理财市场的一只生力军,是继证券投资基金后最具发展潜力的机构投资者。券商集合理财产品的推出,不仅丰富了投资者理财的手段,同时也给我国巨大的理财市场注入新活力,对完善我国资本市场的建设和改善投资者结构起到重要的作用。与此同时,价值投资策略作为国外证券市场上主流的投资理念正逐渐受到国内投资者的青睐,因为价值投资策略已被实践证明能够给投资者带来超额收益。因此对于券商集合理财产品是否执行了价值投资策略的分析有着现实的意义。本文通过分析我国股票市场价值投资的可行性,并在此基础上,实证检验券商集合理财产品是否执行了价值投资策略。研究结果发现,在我国股票市场上执行价值投资策略能获得超额收益；但研究结果还表明券商集合理财产品并没有遵循真正意义上的价值投资理念。最后,针对券商集合理财产品偏离价值投资行为的原因,论文提出了几点改进建议,包括建立稳定的券商集合理财产品治理机制、健全券商集合理财产品绩效评价体系、提高上市公司质量、加强投资者教育等。
[Abstract]:With the debut in 2005's first collection of financial products broker, enriching its types and continuous expansion of the size and number, has become a force in China's financial market, securities investment fund is the most potential institutional investors. The brokerage set of financial products pushed out, not only enrich the means of financial investors, at the same time to inject new vitality into China's huge financial market, an important role in perfecting the capital market of our country construction and improve the structure of investors. At the same time, the value of the investment strategy as the mainstream of foreign securities market investment concept is gradually by domestic investors, because the value of the investment strategy has been proved to be able to give investors excess return. So for the brokerage set of financial products is carried out analysis of the value of the investment strategy is of practical significance. In this paper, through the analysis of our country The feasibility of the stock market value of the investment, and on this basis, an empirical test of the brokerage set of financial products whether the implementation of value investment strategy. The results found that the implementation of value investment strategy can obtain excess returns in the stock market in China; however, the results also show that the set of financial products broker does not follow the true meaning of the concept of value investing. Finally, the reasons for the collection of financial products broker deviate from the value of the investment behavior, this paper puts forward some improvement suggestions, including the establishment of a stable set of financial products broker management mechanism, improve the performance evaluation system of the brokerage set of financial products, improve the quality of listed companies, to enhance investor education.

【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5

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