本文選題：基金業(yè)績　切入點：持續(xù)性　出處：《廣東財經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：起源于十九世紀(jì)六十年代英國的證券投資基金，近年來的發(fā)展取得了顯著地成效，尤其是上世紀(jì)在美國更是取得了舉世矚目的成績。100多年來，證券投資基金始終是證券投資的主要工具之一。證券投資基金的主要特點就是共同承擔(dān)風(fēng)險以及相互分享利益。通過組合投資的形式募集眾多投資者的資金投資于各類金融產(chǎn)品，最后將所取得的收益進(jìn)行平均分配。當(dāng)然投資組合的形式可以分散風(fēng)險，因此多被基金公司采用，同時基金管理人的專業(yè)水平也可以在很大程度上左右基金業(yè)績的好壞。 基金績效可以有效的評估基金公司的投資管理水平。它是一個相對客觀、公正的評價，，可以從根本上說明基金的實際運作情況。對于基金經(jīng)理人擇時、選股能力研究的意義在于可以幫助投資者正確衡量投資經(jīng)理人的能力，可以幫助投資者擺脫證券市場基金一定能戰(zhàn)勝市場的誤導(dǎo)，可以幫助投資者一步一步正確認(rèn)識投資基金業(yè)績的源泉所在。反過來基金績效的研究可以刺激投資基金經(jīng)理人不斷補充自己的專業(yè)素養(yǎng)和經(jīng)營管理能力。 證券投資者往往依據(jù)投資基金的歷史業(yè)績作出投資決策，這潛含著一個條件就是基金業(yè)績存在持續(xù)性。當(dāng)然如果基金業(yè)績具有持續(xù)性，那么可以根據(jù)歷史的基金業(yè)績?nèi)ヮA(yù)測未來的基金業(yè)績水平，同樣歷史的基金業(yè)績會對投資者的心理和投資決策產(chǎn)生很大的影響。當(dāng)然如果某只基金的業(yè)績變化非常頻繁，或者旨在歷史中某個階段出現(xiàn)過良好的業(yè)績，那么這種基金的業(yè)績就不能用來預(yù)測未來的業(yè)績，也不能作為投資者投資決策的依據(jù)。因此，在基金業(yè)績存在持續(xù)性的前提下，投資者才能利用其歷史業(yè)績數(shù)據(jù)去預(yù)測未來的基金業(yè)績。 本文在綜合分析國內(nèi)外基金業(yè)績研究情況的基礎(chǔ)上，找到一種適合我國開放式基金業(yè)績研究的方法和模型體系，結(jié)合所選取的63只股票的歷史業(yè)績，進(jìn)行業(yè)績評價。同時對基金進(jìn)行分類研究，并以此來分析基金業(yè)績的來源問題。最后運用模型去探討我國的基金業(yè)績是否存在持續(xù)性問題。
[Abstract]:The securities investment fund, which originated in Britain in the 1860s, has achieved remarkable results in recent years, especially in the last century, especially in the United States, which has made remarkable achievements in the past 100 years. Securities investment fund is always one of the main instruments of securities investment. The main characteristic of securities investment fund is to share risks and benefit with each other. In all kinds of financial products, Of course, the form of investment portfolio can spread the risk, so it is used by the fund company, and the professional level of the fund manager can control the performance of the fund to a great extent. Fund performance can effectively evaluate the investment management level of fund companies. It is a relatively objective and fair evaluation, which can fundamentally explain the actual operation of the fund. The significance of stock selection research is that it can help investors to measure the ability of investment managers correctly, and can help investors get rid of the misdirection of securities market funds. In turn, the research of fund performance can stimulate the investment fund managers to supplement their professional quality and management ability. Securities investors often make investment decisions based on the historical performance of investment funds, which implies that there is continuity in fund performance. So you can predict the level of future fund performance based on historical fund performance, and the same historical fund performance can have a significant impact on investors' psychology and investment decisions. Of course, if a fund's performance changes very frequently, Or if there is a good performance at some point in history, then the performance of such a fund cannot be used to predict future performance, nor can it be used as a basis for investors to make investment decisions. Investors can use their historical performance data to predict future fund performance. Based on the comprehensive analysis of domestic and foreign fund performance research, this paper finds a suitable method and model system for open-end fund performance research in China, and combines the historical performance of 63 selected stocks. At the same time, it analyzes the source of fund performance. Finally, we use the model to discuss whether there is sustainability in fund performance in our country.
【學(xué)位授予單位】：廣東財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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本文編號：1650097