【摘要】：針對(duì)國(guó)內(nèi)開放式基金的特點(diǎn),本文運(yùn)用參數(shù)法選取我國(guó)成立時(shí)間較早的40只開放式基金作為研究樣本進(jìn)行業(yè)績(jī)持續(xù)性檢驗(yàn),并在此基礎(chǔ)上采用逐步回歸法確定影響開放式基金業(yè)績(jī)持續(xù)性的顯著因素。采用參數(shù)法的檢驗(yàn)結(jié)果表明,樣本基金的業(yè)績(jī)持續(xù)期位于牛市中后期且持續(xù)時(shí)間不長(zhǎng),表明其業(yè)績(jī)的持續(xù)性與我國(guó)股指保持強(qiáng)勢(shì)的時(shí)間長(zhǎng)短密切相關(guān);以參數(shù)法所確定的21期業(yè)績(jī)持續(xù)期為研究期間,通過(guò)逐步回歸發(fā)現(xiàn),除股指波動(dòng)這一影響因素外,基金的股票交易周轉(zhuǎn)率、成長(zhǎng)型投資風(fēng)格、持股集中度是影響國(guó)內(nèi)開放式基金業(yè)績(jī)持續(xù)性的顯著因素。
[Abstract]:According to the characteristics of domestic open-end funds, this paper uses parameter method to select 40 open-end funds established earlier in China as research samples to test the performance sustainability. On this basis, stepwise regression method is used to determine the significant factors that affect the performance sustainability of open-end funds. The test results by parameter method show that the performance duration of the sample fund is located in the middle and late bull market and does not last for a long time, which indicates that the persistence of the performance is closely related to the length of time for the stock index to keep strong in our country. Taking the 21-period performance duration determined by the parameter method as the research period, through stepwise regression, it is found that, in addition to the influencing factor of stock index fluctuation, the stock trading turnover rate and growth investment style of the fund. The concentration of shareholding is a significant factor affecting the performance sustainability of domestic open-end funds.
【作者單位】： 河南大學(xué)工商管理學(xué)院;
【基金】：河南省科技廳2011年科技計(jì)劃項(xiàng)目“后危機(jī)時(shí)代我國(guó)金融體制創(chuàng)新研究-以河南省為例”(112400430034)
【分類號(hào)】：F224;F832.51

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本文編號(hào)：2487620