【作者】 曾玲玲；

【导师】 魏建国；

【作者基本信息】 武汉理工大学 ， 企业管理学， 2002， 硕士

【摘要】 本文由我国证券投资基金的现状及其发展中出现的问题入手，结合国外证券投资基金业发展的先进经验，提出了进一步完善我国证券投资基金的具体可行的途径。其具体途径主要包括：引入封闭式基金的开放机制、探索低成本的开放式基金发展之路、推出第三代指数交易基金等三个方面。 随着我国证券投资基金试点工作取得的巨大成功和基金业的不断发展，有关基金投资分析的研究越来越受到市场参与各方的关注。虽然我国基金业发展的历史不长，基本上还处在一个探索和逐步稳定成型的阶段，仅仅依靠目前的资料很难对某只基金作出全面而客观的评价，但是进一步关注和完善基金投资分析的理论探讨和指标设计对于我国基金业的长期健康发展是十分必要的。笔者在对证券投资基金所公开披露信息进行全面深刻分析的基础上，提出了按照投资结果建立基金投资分析体系之基本框架的设想，系统地设计了对基金投资结果进行评价的各种指标，对所设计指标的功能及指标体系在应用中需要注意的问题进行了详细地阐述，并应用国外基金业绩评价中普遍采用的收益率法和风险调整指数法：夏普指数Sp、特雷诺指数Tp、詹森指数Jp对我国证券投资基金的业绩进行实证研究，实证研究结果表明：(1)经过风险调整后，我国证券投资基金的业绩总体上优于市场基准组合；(2)我国基金经理的良好业绩是通过一定的证券选择来获得的；(3)几种不同的评价指标对10只基金业绩的排序结果非常相近，而且，即使不考虑风险因素，只根据基金净资产值的涨幅大小进行排序也只有较高的参考价值。基于以上分析，笔者对我国证券投资基金的发展提出以下两点建议：进一步规范我国的证券市场，增强证券市场的效率；完善证券投资基金的信息披露制度，切实提高信息的透明度、公开度。更多还原

【Abstract】 According to the present situation and questions of the negotiable securities investmental fund in china and according to the foreign experience, I put forward 3 proposals: lead the closed fund into opening; explor the cheap cost about the opened negotiable securities investmental fund; carry out the third index fund.According to the development and success of negotiable securities investmental fund in china, we should pay close attention to the research that how to invest fund. This is very important that we should perfect the theory, design and standard. According to the public information about negotiable securities investmental fund in china, I designed the standard that how to evaluate the condition of the fund. I explain the questions that we meet when use the standard. I use the ways that are widly used in the foreign countries to research the profit about negotiable securities investmental fund of our country. The ways are Sp, Tp and Jp. The research ending are 3. the first is the profit of the fund in china is better than the overall negotiable securities market. The second ending is the profit of the fund is from the manager of the fund who choice. The Third is that the sequence about the profit of the 10 funds is similar when I use any method. If I don,t consider the risk, the sequence is value according to the net assets of the 10 funds, according to the front analysises, I put forward several suggestion : strengthen the efficiency of our negotiable securities market; perfect the system publish information in order to make it more open and transparent.更多还原