【作者】 魏倩；

【导师】 刘荣茂；

【作者基本信息】 南京农业大学 ， 金融学， 2004， 硕士

【摘要】 随着我国经济的快速发展，我国居民储蓄已经突破了10万亿元大关，这些资金风险承受能力差，期望能有一种风险比较低，收益相对高的投资工具让其投资，显然，这为我国证券投资基金，尤其是开放式基金的大规模发展提供了充足的资金来源。但是前提是，证券投资基金确实能为其带来风险比较低，收益又要比国债、银行存款高的投资回报。本文就是在开放式基金经历了两年的曲折发展之后，对2003年开放式基金的绩效进行实证分析，检验其是否起到了投资理财、规避风险的作用。 本文除了导言之外，根据研究的需要分为五大部分。 导言部分主要介绍国内外开放式的发展历程，进而指出本文的研究背景、研究方法与思路。 第一部分即第一章，在介绍开放式基金的特点基础上，对当今林林总总的开放式基金进行了分类，并与封闭式基金进行了具体的对比分析，然后指出开放式基金给我国证券市场带来的影响。 第二部分首先介绍确立开放式基金绩效评估指标的原则，接着对西方经典的证券投资组合理论进行了简单阐述、指出其在实践中的应用情况，然后结合开放式基金的存在的风险、收益、流动性等情况找出合理的评估指标并探讨其在中国的应用情况 第三部分根据研究需要和中国的实际情况选择样本和样本期。运用前面介绍的西方理论和评估指标对目前我国开放式基金的运行状况进行实证分析，其中对收益、风险分别进行评价，然后再分析经过风险调整后的收益情况，并得出结论。 第四部分是通过上述实证分析，找出了影响我国开放式基金绩效和运行的外部因素与内部因素。外部因素有上市公司质量不高，投资者结构不合理，可投资渠道太少、监管不力等；内部因素有基金公司缺乏规范的公司治理结构，优秀管理人才太少、持股集中度过高等等。 第五部分针对第四部分的影响因素提出促进我国开放式基金健康发展所需进行的策略调整。更多还原

【Abstract】 With the fast development of the economy of our country, the personal deposits of our country have already topped the high point of 10,000 billion yuan, the ability to bear of fund risk is bad, expect to be able to have a kind of lower risk, income high investment tool let investment their relatively, obviously, this of our country security investment fund, especially the extensive development of the open-ended fund has offered the sufficient capital source. But prerequisite, security investment fund can bring for their risk relatively lower really, investment repayment than the national debt, height of bank account of the income. This text is after the open-ended fund has gone through the winding development of two years, performance of open-ended fund carry on real example analyse , examine if it manage money matters, evade function of risk to make the investment to play to 2003.This dissertation is divided into five major parts according to the need for studying besides introduction.The part of the introduction introduces the open development course both at home and abroad mainly, and then point out research background , research approach and train of thought of this text.First part Namely chapter one, on the basis of characteristic of the open-ended fund of the introduction, have classified the open-ended fund that nowadays the forest and forest are always total, carry on concrete contrast analyse with close-ended fund , then point out the influence that the open-ended fund brings to security market of our country.Second part Is it establish open-ended fund performance assess principle of index to recommend at first, then the investment securities combinatorial theory classical to the west has explained, pointed out their application situations in practice briefly , combine risk , income , mobility situation of existence of open- ended fund find out the rational assessment index and probe into their application situations in China.The third part Choose the sample and sample one according to the research need and actual conditions of China. Use the western theory recommended above and assess the index to analyse the real example to the operation conditions of the open-ended fund of our country at present, among them appraise to the income , risk separately , then analyse theincome situation after the risk is adjusted, and draw the conclusion.The fourth part Analyse through above-mentioned real examples , have found out the open-ended fund performance and external factor and inside factor operated of our country of influencing . It is of low quality that there are listed companies in the external factor, investor’s structure is unreasonable, but investment channels too little, supervise to do one’s best etc.; Inside factor have fund Company lack normal company administration structure, outstanding managerial talent too little, is it is it spend getting high to concentrate on to hold share.The fifth part Is it protect the healthy development of open-ended fund of our country to the fourth influence factor of part tactics gone on to need change to put forward.更多还原