【作者】 于亚杰；

【导师】 王苏生；

【作者基本信息】 哈尔滨工业大学 ， 企业管理， 2006， 硕士

【摘要】 开放式基金作为一种新型的投资工具,已经被广大投资者所了解并开始接受,而且拥有广阔的发展空间。但同时我们也看到,同迅速发展的开放式基金市场相比,有关其业绩评价的研究在我国的发展却相对滞后。因此,通过构建一个符合国情的开放式基金业绩评价指标体系来评价其业绩表现,具有十分重要的理论和现实意义。鉴于此,本文在理论研究与实证研究相结合的基础上,紧密结合中国证券市场发展的实际情况,构建了一个适合我国开放式基金特点的、较为全面、系统的业绩评价体系,并利用该体系进行了实证分析。本文首先阐明了关于开放式基金的一般理论,接着着重介绍了目前国际上较为流行的几种证券投资基金业绩评估方法,并就其对我国开放式基金业绩评价的适用性进行了阐述;在文章的主体部分,首先指出了我国基金评价中的特殊问题并给出了本文的解决办法;然后结合中国证券市场的特点,在对现有指标改进的基础上,提出了新的评价指标,并通过实证研究证明了其优越性;最后,应用本文提出的新的评价指标体系对我国最早成立的15只开放式基金进行实证分析,得出我国开放式基金的业绩水平整体超过市场基准组合,但其运作有待进一步规范,这在一定程度为投资者的开放式基金投资指明了方向。更多还原

【Abstract】 The open-end fund, as a new type of investment instruments, has been widely accepted by investors and proves itself to be very promising in the future. However, we notice that the researching development of the performance appraisal of domestic investment funds lags behind the fast growth of the open-end funds market, and the existing performance appraisal system is not very perfect. So by building an open-ended fund performance assessing index system according with the situation of our country to assessing its performance have a critical theoretic and realism significance.Based on the aggregation of theoretical study and empirical study, as well as the present situation in China’s fund market, this paper builds up a comparatively comprehensive and systematic open-ended fund performance rating system in accordance with the fund industry in China, and according to the specialty of china security market and uses the real data of Chinese open-ended funds to carry on empirical analysis.The paper firstly demonstrates the common theory of open-ended funds, and gives a brief analysis to the actuality of it in China. Then introduce several popular methods of how to estimate the achievement of security investment fund in the world, and analyze the feasibility of the assessment of mutual funds achievement in our country. In main body, the paper firstly analyses existing assessment system of open-ended funds in China and points fault, and combining the characteristic of china security market. Based on amelioration of existing indexes, the paper puts forward new index and proves its superiority by demonstration. Finally, appraise the investment performance of the first 15 open-ended funds in China by index system of the paper. Then educe that the performance of the open-ended funds in China exceeded the benchmark numerously, however its action need more criterion. This directs investment of open-ended funds for investors at a certain extent.更多还原