我国开放式股票型基金业绩排名缺陷及影响研究

发布时间：2018-05-08 10:46

本文选题：开放式股票型基金 + 业绩排名　；参考：《广西大学》2013年硕士论文

【摘要】：随着资本市场的不断扩容和发展,证券投资基金已经成为投资者重要的理财工具,相应地,业绩排名成为在投资者选择基金时的一个重要依据。相比其它类型的开放式基金,股票型基金的业绩排名更能体现基金经理投资风格,其留给基金经理发挥自身投资管理能力的空间也是更为宽广。因此,研究开放式股票型基金业绩排名的影响有助于投资者选择及规范基金经理投资行为。本文以我国开放式股票型基金作为研究对象,深入分析其业绩排名对投资者选择和对基金经理投资行为的影响。首先,从基金业绩排名相关理论出发,分析这些理论对投资者和对基金经理的影响。其次,分析了我国基金业绩排名现状和动因,从统计的角度揭示了我国开放式股票型基金业绩排名的稳定性和持续性非常脆弱,但仍然有必要对其进行排名,是市场需求,也是行业发展需要。再次,本文以我国开放式股票型基金为研究样本,建立面板数据模型,实证分析2005年12月31日之前发行且在2006年上半年至2011年下半年期间正常运行的基金资金净流入情况,结果表明,代表着投资者选择的资金净流入受到了不同时期业绩排名的影响,资金净流入与基金前期业绩排名呈正相关性,与本期业绩排名呈负相关性,同时资金净流入也会受到市场表现和基金分红的影响。第四,以2010年12月31日之前成立的开放式股票型基金为研究样本,分别从总体、期限及基金经理更替三个角度分析了其在2006-2011年期间的业绩排名对基金经理投资行为带来的影响,结果表明,输家基金经理在年度中的后半段都倾向于提高基金投资组合风险,而输家基金更换后的基金经理并未显著增加投资风险。最后,从投资者选择、基金经理投资行为规范两个层面出发,提出了投资者如何选择基金的策略以及基金经理投资行为如何规范的建议。研究基金业绩排名,分析其对我国基金投资者选择和基金经理投资行为的影响,总结我国基金业绩排名的有效性和缺陷,探讨下一步基金业规范发展需要解决的相关问题都具有重要的理论意义和现实意义。
[Abstract]:With the continuous expansion and development of the capital market, securities investment funds have become an important financial tool for investors. Accordingly, performance ranking has become an important basis for investors to select funds. Compared with other types of open-end funds, the performance ranking of equity funds can better reflect the investment style of fund managers, and it leaves more room for fund managers to play their own investment management ability. Therefore, it is helpful for investors to select and standardize the investment behavior of fund managers by studying the influence of performance ranking of open-end equity funds. In this paper, open-end equity funds in China are taken as the object of study, and the influence of performance ranking on investors' selection and investment behavior of fund managers is analyzed in depth. Firstly, the influence of these theories on investors and fund managers is analyzed based on the relevant theories of fund performance ranking. Secondly, this paper analyzes the current situation and motivation of fund performance ranking in China, and reveals that the stability and persistence of performance ranking of open-end equity funds in China is very fragile from the statistical point of view, but it is still necessary to rank it, which is the market demand. Is also the industry development needs. Thirdly, this paper takes the open-end stock fund as the research sample, establishes the panel data model, and empirically analyzes the net inflow of funds issued before December 31, 2005 and normally in operation from the first half of 2006 to the second half of 2011. The results show that the net inflow of funds selected by investors is affected by the performance ranking in different periods. The net inflow of funds is positively correlated with the ranking of fund performance in the previous period, and it is negatively correlated with the ranking of current performance. At the same time, net capital inflows will also be affected by market performance and fund dividends. Fourthly, taking the open-end stock fund established before December 31, 2010 as the research sample, this paper analyzes the impact of the performance ranking on the investment behavior of the fund manager from three angles: the overall, the duration and the turnover of the fund manager. The results show that the fund managers tend to increase the portfolio risk in the second half of the year, while the fund managers after the replacement of the losers fund do not significantly increase the investment risk. Finally, from the two aspects of investor selection and investment behavior regulation of fund managers, the paper puts forward some suggestions on how to choose the strategy of fund and how to regulate the investment behavior of fund managers. This paper studies the ranking of fund performance, analyzes its influence on the choice of fund investors and the investment behavior of fund managers in China, and summarizes the effectiveness and defects of the ranking of fund performance in China. It is of great theoretical and practical significance to discuss the relevant problems that need to be solved in the next step of the development of the fund industry.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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