我国开放式基金投资者适当性研究
发布时间：2018-07-21 13:30
【摘要】：信孚银行起诉大马拉案、摩根斯坦利集团起诉普利西案、香港雷曼兄弟的迷你债事件等给投资者带来了巨大的损失,此类事件是由于金融监管中对“投资者适当性”原则的疏忽导致的,但利益受损最大的还是投资者,因此对投资者适当性的研究是保护投资者利益的重要举措。目前我国的投资者适当性研究仅停留在制度建设和法律层面,而论文引入对投资者自身适当性研究的定量分析。通过了解投资者的相关资料对投资者的风险承受能力进行评估,从层次分析法的实证结果来看,投资者的财务状况(主要是家庭收入和有无房产)是影响其自身适当性的主要因素,而基本情况中的年龄、婚姻状况和家庭规模与风险认知能力中的受教育程度对其也具有一定的影响。在此基础上对我国开放式基金市场进行研究,其目的在于探究我国开放式基金市场上的产品是否能够满足不同投资者的投资需求,这为后续研究投资者销售适当性的定量分析奠定了基础。通过SAS、EVIEWS、EXCEL等计量统计分析工具对基金多样性和业绩持续性进行分析,发现我国开放式基金不管从基金评级还是各种加权收益率分析都具有多样性,基金市场不乏“好”的基金存在。另一方面,我国开放式基金不具有长期持续性,因此投资者在对开放式基金市场投资时不能只注重基金过去的业绩,这是不理智的行为。论文的主要创新点在于通过分析国内外相关研究,提出了针对我国开放式基金市场投资者适当性的初步定量分析平台,同时运用较为新颖的分析方法-因子分析法来对基金进行评级,但论文的定量研究止于投资者自身适当性研究,并没有涉及广义投资者适当性,这是论文的不足之处,也是以后投资者适当性定量分析的研究重点之一
[Abstract]:Xinfu Bank sued Maarra, Morgan Stanley Group sued Priesti, Hong Kong Lehman Brothers' mini-debt incident and so on, which brought huge losses to investors. This kind of event is caused by negligence of the principle of "investor appropriateness" in financial supervision, but it is the investors who suffer the most benefit. Therefore, the study of investor appropriateness is an important measure to protect the investor's interests. At present, the research of investor appropriateness in our country only stays at the level of institution construction and law, while the thesis introduces quantitative analysis of investor's own appropriateness. Through the understanding of the relevant information of investors to assess the risk tolerance of investors, from the analytic hierarchy process empirical results, The financial situation of investors (mainly household income and the availability of property) is a major factor affecting their own suitability, and the underlying age, Marital status, family size and educational level in risk cognition also have some influence on it. On this basis, this paper studies the open-end fund market in China, which aims at exploring whether the products in the open-end fund market can meet the investment needs of different investors. This has laid a foundation for the quantitative analysis of investor sales appropriateness. By means of econometric statistical analysis tools such as SASS-EVIEWSE-EXCEL, this paper analyzes the diversity and performance sustainability of the funds. It is found that the open-end funds in China have diversity in both the rating and the weighted rate of return analysis. There is no shortage of "good" funds in the fund market. On the other hand, China's open-end funds do not have long-term sustainability, so investors in the open-end fund market can not only focus on the past performance of the fund, this is irrational behavior. The main innovation of this paper is to put forward a preliminary quantitative analysis platform for the suitability of investors in China's open-end fund market through the analysis of relevant research at home and abroad. At the same time, factor analysis method is used to grade the fund, but the quantitative research of this paper ends with the study of the appropriateness of the investors themselves, and does not involve the appropriateness of the generalized investors, which is the deficiency of the paper. It is also one of the key points in the quantitative analysis of investor appropriateness in the future.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51
[Abstract]:Xinfu Bank sued Maarra, Morgan Stanley Group sued Priesti, Hong Kong Lehman Brothers' mini-debt incident and so on, which brought huge losses to investors. This kind of event is caused by negligence of the principle of "investor appropriateness" in financial supervision, but it is the investors who suffer the most benefit. Therefore, the study of investor appropriateness is an important measure to protect the investor's interests. At present, the research of investor appropriateness in our country only stays at the level of institution construction and law, while the thesis introduces quantitative analysis of investor's own appropriateness. Through the understanding of the relevant information of investors to assess the risk tolerance of investors, from the analytic hierarchy process empirical results, The financial situation of investors (mainly household income and the availability of property) is a major factor affecting their own suitability, and the underlying age, Marital status, family size and educational level in risk cognition also have some influence on it. On this basis, this paper studies the open-end fund market in China, which aims at exploring whether the products in the open-end fund market can meet the investment needs of different investors. This has laid a foundation for the quantitative analysis of investor sales appropriateness. By means of econometric statistical analysis tools such as SASS-EVIEWSE-EXCEL, this paper analyzes the diversity and performance sustainability of the funds. It is found that the open-end funds in China have diversity in both the rating and the weighted rate of return analysis. There is no shortage of "good" funds in the fund market. On the other hand, China's open-end funds do not have long-term sustainability, so investors in the open-end fund market can not only focus on the past performance of the fund, this is irrational behavior. The main innovation of this paper is to put forward a preliminary quantitative analysis platform for the suitability of investors in China's open-end fund market through the analysis of relevant research at home and abroad. At the same time, factor analysis method is used to grade the fund, but the quantitative research of this paper ends with the study of the appropriateness of the investors themselves, and does not involve the appropriateness of the generalized investors, which is the deficiency of the paper. It is also one of the key points in the quantitative analysis of investor appropriateness in the future.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51
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