证券投资基金的投资价值研究

发布时间：2018-01-01 13:40

本文关键词：证券投资基金的投资价值研究　出处：《云南师范大学》2014年硕士论文　论文类型：学位论文

【摘要】：中国的证券投资基金起步于上世纪80年代末期。1992年11月，国内第一支在上交所上市交易的证券投资基金-淄博乡镇企业投资基金经中国人民银行总行批复正式设立。有20多年发展历史的证券投资基金经历了从无到有，从一般到成熟的过程。2012年6月7日，中国证券投资基金协会在北京召开成立大会暨第一届年会，时任中国证监会主席郭树清发表了题为“我们需要一个强大的财富管理行业”为主题的精彩演讲，标志着中国基金业经过这么多年的发展，，终于迈向了一个新的阶段。然而面对当前各种各样的证券投资基金，广大的中小投资者如何选择具有投资价值的基金，如何才能获得超额收益成了摆在他们面前的一大课题。当前非常流行的投资价值理念、投资价值策略都是从外国引进而来的，先前的国内学者也从不同的角度、不同的方面对这些理论、策略都进行了实证分析。事实证明这些理论对中国证券市场的价值投资也具有很好的指导意义。对于价值投资者而言，基金的净值与大盘走势的变动关系是其投资的一个重要参考方面。传统的价值投资理论能够给投资者带来超额利润，这一点是毋庸置疑的，而价值投资理论的核心之处就在于对其有价证券的内在价值进行评估，对于基金来说评估内在价值的其中一个很重要的因素就是基金的净值以及累计净值，本文挑选出几只基金计算出他们近十年的长期趋势序列、季节变动序列等通过检验其与大盘走势的关系，来判定其累计净值，从而可以大概测算出其内在价值是否被高估，是否具有投资价值。这篇文章主要是选出符合经典价值投资的几支证券投资基金为代表，通过对比它们的单位平均净值的长期趋势序列与大盘指数的变动关系，来判断这几支基金是否遵从了价值投资理念，是否具有投资价值。这篇论文的分析主要是运用实证分析的方法，通过定性以及定量的研究方式，综合运用宏观经济、金融等领域的相关知识，对我国证券投资基金的投资价值进行实证研究。首先介绍了国内外学者对证券投资基金的投资价值研究分析文献综述，其中包括验证性的价值投资、对比收益性的价值投资、价值投资理念的研究等，其次介绍了价值投资的一些基本理念以及现阶段我国证券投资基金的发展现状；在实证研究方面，主要运用时间序列长期趋势来检验基金的净值与大盘的走势关系，最后总结出一些针对投资者的具体建议。
[Abstract]:China's securities investment funds started on the end of -20s. November 1992. The first securities investment fund listed on the shanghai stock exchange-Zibo township enterprise investment fund was formally established by the central bank of the people's bank of china. The securities investment fund with a history of more than 20 years has experienced from nothing to existence. . From the general to the mature process. In June 7th 2012, the China Securities Investment Fund Association held the founding conference and the first annual meeting in Beijing. Guo Shuqing, then chairman of the China Securities Regulatory Commission, delivered an excellent speech entitled "We need a strong wealth management industry", marking the development of the Chinese fund industry over the years. Finally, it has entered a new stage. However, in the face of all kinds of current securities investment funds, the majority of small and medium-sized investors how to choose a fund with investment value. How to obtain excess income has become a major issue in front of them. The current very popular investment value concept, investment value strategy are imported from foreign countries, previous domestic scholars also from different angles. These theories and strategies have been empirically analyzed from different aspects, and the facts have proved that these theories have a good guiding significance for the value investment of China's securities market. For value investors, the relationship between the net value of the fund and the trend of the market is an important reference for its investment. The traditional theory of value investment can bring excess profits to investors. This is beyond doubt, and the core of the theory of value investment lies in the evaluation of the intrinsic value of its securities. One of the most important factors to evaluate the intrinsic value of the fund is the net value of the fund and the cumulative net value. In this paper, several funds are selected to calculate their long-term trend series in the past ten years. By examining the relationship between the seasonal variation series and the trend of the market, the cumulative net value can be judged, and the intrinsic value can be estimated to be overestimated or not, as well as the investment value. This article mainly selects several securities investment funds which accord with the classical value investment as the representative, and compares their long-term trend series of the unit average net value with the large market index change relations. To determine whether these funds comply with the concept of value investment, whether it has investment value. This paper mainly uses the empirical analysis method, through qualitative and quantitative research methods. Comprehensive use of macroeconomic, financial and other areas of relevant knowledge. Firstly, this paper introduces the domestic and foreign scholars' research and analysis of the investment value of securities investment funds, including the validated value investment. Secondly, it introduces some basic ideas of value investment and the present development status of securities investment fund in China. In the aspect of empirical research, we mainly use the long-term trend of time series to test the relationship between the net value of the fund and the trend of the market, and finally summarize some specific suggestions for investors.
【学位授予单位】：云南师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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