中国开放式基金业绩评价研究

【作者】 段文军；

【导师】 李念斋；

【作者基本信息】 中南财经政法大学 ， 金融学， 2005， 博士

【摘要】 一、研究背景随着基金业规模的不断扩大,各基金的投资理念和运作方式日趋稳定和个性化,陆续出现了平衡型、成长型、优化指数型、成长价值复合型等多个基金品种,基金管理公司投资理念初步成型,个性初步体现。同时,监管思路的调整使得各家基金公司更加注重公司治理结构的改善和投资风险的防范。近年来,作为机构投资者之一的开放式基金在我国获得了超常规的发展。开放式基金的推出,使得基金的运作模式有了根本的改变,以致注重基本面分析和风险控制的投资理念得到了广泛的认同。基金的个性化也更加突出,债券型、蓝筹型、收益型、平稳增长型、基础型等基金品种相继出现,为投资者提供了更多的选择,也因此对科学、客观的基金业绩评价方法提出了更为迫切的需求。二、研究目的基金业绩评价研究是促进基金业健康发展的重要环节。建立一套完备的基金业绩评价体系无论对投资者和基金管理公司,还是市场监管部门都具有非常重要的意义。对于投资者而言,通过分析基金的业绩,可以获得基金投资操作的准确信息,从而能及时调整投资策略,做出正确的投资选择,避免盲目跟从一些不实资讯而遭受损失;对于基金管理公司而言,建立科学的基金业绩评价体系,不仅可以对基金经理的努力程度和业绩水平给出具体的量化评价,还可以依此来分析所实施的投资计划是否达到或超过了投资目标,发现投资计划的不足,判断基金投资策略在市场中的适应能力,总结管理成功的经验,提高公司的经营管理水平;对于监管部门而言,则可以通过建立更多还原

【Abstract】 Since the securities investment fund was first come up on March in 1998,it has six years development.Till February 2005,there have been 124 securities investment fund published.Even though the securities investment funds are developing fast,but the research about appraisal of the securities investment fund was only the first stage.Some scholars attempted to do this thing,and some Securities Company also have reports about evaluation of securities investment fund,but there are not any feasible、fair、authorities methods and standards to evaluate of securities fund,and even any reliable evaluation outcomes are never published.The published information is only net value to be often know,the information about assets, liabilities,operation ,portfolio can be known by annual reports and quarterly reports.Published information on funds is defect,all these things make the investors know little about the funds,and even feel it mysterious,the result is to hinder the development of the fund.However,in the foreign countries,the ordinary investors often use funds as the investment tools.The evaluation outcome of securities investment fund is published everyday for the investors.To the fund managers,they must scientifically appraise their performance periodically or non-periodically,through this way,they can make asset of funds stable increase at long term.In a word,the scientific funds evaluation is very important to both the investors and the managers.With the innovation of financial technology, market and regime in each passing day and the decrease of production expense and opportunity cost, investment funds industry of high efficiency is developing rapidly. It has become the main force flourishing and更多还原