本文關(guān)鍵詞：我國券商集合理財產(chǎn)品價值投資的實證研究　出處：《蘭州大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：隨著2005年首只券商集合理財產(chǎn)品的亮相,其種類不斷豐富,規(guī)模和數(shù)量不斷擴張,已經(jīng)成為我國理財市場的一只生力軍,是繼證券投資基金后最具發(fā)展?jié)摿Φ臋C構(gòu)投資者。券商集合理財產(chǎn)品的推出,不僅豐富了投資者理財?shù)氖侄?同時也給我國巨大的理財市場注入新活力,對完善我國資本市場的建設(shè)和改善投資者結(jié)構(gòu)起到重要的作用。與此同時,價值投資策略作為國外證券市場上主流的投資理念正逐漸受到國內(nèi)投資者的青睞,因為價值投資策略已被實踐證明能夠給投資者帶來超額收益。因此對于券商集合理財產(chǎn)品是否執(zhí)行了價值投資策略的分析有著現(xiàn)實的意義。本文通過分析我國股票市場價值投資的可行性,并在此基礎(chǔ)上,實證檢驗券商集合理財產(chǎn)品是否執(zhí)行了價值投資策略。研究結(jié)果發(fā)現(xiàn),在我國股票市場上執(zhí)行價值投資策略能獲得超額收益；但研究結(jié)果還表明券商集合理財產(chǎn)品并沒有遵循真正意義上的價值投資理念。最后,針對券商集合理財產(chǎn)品偏離價值投資行為的原因,論文提出了幾點改進建議,包括建立穩(wěn)定的券商集合理財產(chǎn)品治理機制、健全券商集合理財產(chǎn)品績效評價體系、提高上市公司質(zhì)量、加強投資者教育等。
[Abstract]:With the debut in 2005's first collection of financial products broker, enriching its types and continuous expansion of the size and number, has become a force in China's financial market, securities investment fund is the most potential institutional investors. The brokerage set of financial products pushed out, not only enrich the means of financial investors, at the same time to inject new vitality into China's huge financial market, an important role in perfecting the capital market of our country construction and improve the structure of investors. At the same time, the value of the investment strategy as the mainstream of foreign securities market investment concept is gradually by domestic investors, because the value of the investment strategy has been proved to be able to give investors excess return. So for the brokerage set of financial products is carried out analysis of the value of the investment strategy is of practical significance. In this paper, through the analysis of our country The feasibility of the stock market value of the investment, and on this basis, an empirical test of the brokerage set of financial products whether the implementation of value investment strategy. The results found that the implementation of value investment strategy can obtain excess returns in the stock market in China; however, the results also show that the set of financial products broker does not follow the true meaning of the concept of value investing. Finally, the reasons for the collection of financial products broker deviate from the value of the investment behavior, this paper puts forward some improvement suggestions, including the establishment of a stable set of financial products broker management mechanism, improve the performance evaluation system of the brokerage set of financial products, improve the quality of listed companies, to enhance investor education.

【學(xué)位授予單位】：蘭州大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.5

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本文編號：1409096