开放式基金绩效评价方法选择研究

发布时间：2018-01-22 07:56

本文关键词： 开放式基金绩效评价方法适用性建议　出处：《哈尔滨理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：从2001年我国第一只开放式基金—华安创新发行成功至今，开放式基金在我国成阶梯式发展，发展速度极其迅猛，共发行1367只开放式基金，基金类型多样性发展，与此同时开放式基金对于证券市场的影响力也日益显现，因此对开放式基金相关的绩效评价指标的研究成为了国内外研究者研究的重点方向，无论从证券市场的角度还是从投资者的角度出发，都具有一定得必要性。本文介绍了开放式基金绩效基础理论，在基础理论的支持下，针对性的分析了各类开放式基金绩效评价模型，，运用国外成熟的基金绩效评价模型，本文先后从传统方法、风险因素分析法、基金经理择股与择时能力、基金绩效持续性四个模型进行分析，四种不同的模型分析方法有不同的适用情况，既存在关联性也存在着一定的差异性，加之我国投资环境存在着其独特性，对其影响尤为的突出。本文选取早些年已经发行并且现在仍在运行，并是各个基金管理公司常年稳定发行的基金作为研究对象，收集样本考察期为2012年6月29日至2013年6月28日1年共计50周期的14只开放式基金。结合国外研究成熟的绩效评价指标，分析我国开放式基金的各项能力，综合评价出各个指标的优缺点、指标之间关联性和差异性，提出我国开放式投资基金绩效评价的各种适应性建议，针对每个绩效评价不同侧重点，分析同一考察点下的不同指标适应情况，提供给个人投资者和机构投资者即基金经理更加准确的投资的方向。
[Abstract]:Since 2001, China's first open-end fund-Hua'an innovation issued successfully, open-end funds in our country into a step by step development, the speed of development is extremely rapid, a total of 1367 open-end funds issued. At the same time, the influence of open-end funds on the securities market is increasingly apparent. Therefore, the research on the performance evaluation index of open-end fund has become the key research direction of domestic and foreign researchers, whether from the perspective of the securities market or from the perspective of investors, it is necessary. This paper introduces the basic theory of open-end fund performance. With the support of the basic theory, this paper analyzes all kinds of open-end fund performance evaluation model, and applies the mature fund performance evaluation model abroad. In this paper, the traditional method, risk factor analysis, fund manager stock selection and timing ability, fund performance sustainability of four models to analyze, four different model analysis methods have different application. There are some differences as well as relevance, and the investment environment of our country has its uniqueness, which has a prominent influence on it. This paper selects the fund that has been issued in earlier years and is still in operation, and is a stable fund issued by various fund management companies as the research object. From June 29th 2012 to June 28th 2013, 14 open-end funds with 50 cycles in one year were collected and investigated. This paper analyzes the capabilities of open-end funds in China, synthetically evaluates the advantages and disadvantages of each index, the relevance and difference among the indicators, and puts forward various adaptive suggestions for the performance evaluation of open-end investment funds in China. According to the different emphases of each performance evaluation, this paper analyzes the adaptation of different indexes under the same inspection point, and provides a more accurate investment direction for individual investors and institutional investors, that is, fund managers.
【学位授予单位】：哈尔滨理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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