基金经理个人能力对基金业绩的影响研究

发布时间：2018-01-14 04:17

本文关键词：基金经理个人能力对基金业绩的影响研究　出处：《复旦大学》2012年硕士论文　论文类型：学位论文

【摘要】：我国证券投资基金发展十多年来目前已初具规模,从最初的封闭式基金到开放式、分级式等创新型基金,数量上已接近上千只,规模也占我国证券市场10%左右。基金对于投资者参与证券市场、分散市场风险具有重要作用。经过这么多年的发展,我国基金经理投资能力如何?基金业绩如何?是否具有可持续性?围绕这些问题,本文对基金经理的个人能力进行了分解并具体分析,一方面考察基金经理能力是否有提高、基金业绩是否可持续,另一方面也为广大基金投资者提供一个投资参考,以便于他们在众多基金产品中方便快捷地选择。本文的研究使用了国外成熟的基金业绩评价模型,采用了理论与实证结合的研究方法,研究结论与事实也是相符的,即：大部分基金经理有择股能力,但择时能力不强,且其业绩持续性也不强。在牛市阶段大部分基金经理可以跑盈大盘,但在熊市大部分基金经理不能跑盈大盘。最后从行为金融学的角度对基金业绩不具有可持续性的现象进行解释。
[Abstract]:The development of securities investment funds in China has begun to take shape for more than a decade, from the initial closed-end funds to open-end, hierarchical and other innovative funds, the number has been close to a thousand. The scale also accounts for about 10% in China's securities market. Funds play an important role in the participation of investors in the securities market and dispersing market risks. After so many years of development, what is the investment ability of fund managers in China? How is the fund doing? Is it sustainable? Around these problems, this paper decomposes and analyzes the individual ability of fund manager. On the one hand, it investigates whether the fund manager's ability has been improved and whether the fund's performance is sustainable. On the other hand, it also provides an investment reference for the majority of fund investors in order to facilitate their choice in many fund products. The research results are consistent with the facts, that is, most fund managers have the ability of stock selection, but the ability of timing is not strong. And its performance is not strong. In the bull period, most fund managers can run earnings market. But in a bear market, most fund managers can't run earnings. Finally, from the perspective of behavioral finance, we explain the phenomenon that fund performance is not sustainable.
【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】：F224;F832.51

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