基于模糊数学方法的我国开放式基金绩效评价研究

发布时间：2018-10-21 17:22

【摘要】：近年来,开放式基金在我国得到了非常迅速的发展,它已经成为我国证券市场上一股不可忽视的力量。科学、客观、公正的开放式基金绩效评价体系不仅能够帮助投资者全面地了解开放式基金的业绩水平；而且还有助于提高基金管理公司的投资运作水平；同时还能为监管部门提供制定政策法规的参考。目前,国内的开放式基金绩效评价体系大多缺乏整体性,评价标准各不相同,评价结果甚至相互矛盾。因此,建立科学、合理的开放式基金绩效评价体系,对促进我国基金市场乃至整个证券市场的健康发展具有重要的意思。本文系统地介绍了开放式基金绩效评价的相关理论与方法,总结国内外对基金绩效评价的研究成果,然后依据科学性、系统性、可行性原则选取了9个能够反映开放式基金绩效水平的指标,运用层次分析法构建我国开放式基金绩效评价的体系,再分别对样本基金在样本期内各个指标因素进行评价说明,最后结合模糊综合评价法和灰色综合评价法计算得到一个开放式基金绩效的总体评价结果。结果表明,本文构建的开放式基金绩效评价体系能够较好地反映各基金在样本期内的绩效表现,与各家专业评级机构的评价结果类似。通过本文的研究,希望能够为我国开放式基金的绩效评价提供一种新的思路及意见。
[Abstract]:In recent years, open-end funds have been developing rapidly in China, which has become a force that can not be ignored in China's securities market. Scientific, objective and fair open-end fund performance evaluation system can not only help investors fully understand the performance level of open-end funds, but also help to improve the level of investment and operation of fund management companies. At the same time can also provide regulatory departments to formulate policies and regulations of the reference. At present, most open-end fund performance evaluation systems lack integrity, the evaluation criteria are different, and the evaluation results are even contradictory. Therefore, it is important to establish a scientific and reasonable open-end fund performance evaluation system to promote the healthy development of China's fund market and even the whole securities market. This paper systematically introduces the relevant theories and methods of open-end fund performance evaluation, summarizes the research results of fund performance evaluation at home and abroad, and then according to scientific and systematic, The feasibility principle selects 9 indexes which can reflect the performance level of open-end funds, constructs the system of performance evaluation of open-end funds in China by AHP, and then explains the evaluation factors of each index factor of sample funds in the sample period. Finally, a general evaluation result of open-end fund performance is obtained by combining fuzzy comprehensive evaluation method and grey comprehensive evaluation method. The results show that the open-end fund performance evaluation system constructed in this paper can better reflect the performance of each fund in the sample period, which is similar to the evaluation results of various professional rating agencies. Through the research of this paper, we hope to provide a new way of thinking and advice for the performance evaluation of open-end funds in our country.
【学位授予单位】：江西理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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