本文關(guān)鍵詞：中國(guó)博彩型股票對(duì)基金業(yè)績(jī)的影響　出處：《華中科技大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 博彩型股票 基金業(yè)績(jī) 影響

【摘要】：借鑒Kumar(2009)的研究，本文按照收益偏度、特質(zhì)波動(dòng)與股價(jià)水平三個(gè)維度將股票分為博彩型與非博彩型，首先考察了博彩和非博彩型股票的收益率。其次考察了如下兩個(gè)問(wèn)題：機(jī)構(gòu)投資者是規(guī)避還是偏好參與博彩？參與博彩型股票是否影響了其業(yè)績(jī)？ 研究發(fā)現(xiàn)：第一、通過(guò)從博彩、非博彩型股票被機(jī)構(gòu)投資者持有的市值占流通股市值比以及機(jī)構(gòu)投資者持有博彩、非博彩型股票占投資股票總市值的比例，考察機(jī)構(gòu)投資者的博彩偏好，結(jié)果表明機(jī)構(gòu)投資者整體上表現(xiàn)為博彩規(guī)避，這說(shuō)明其投資理念是理性的；第二、在考察基金持有博彩和非博彩型股票是否會(huì)影響基金業(yè)績(jī)時(shí)，得出結(jié)論持有更多的博彩型股票顯著降低了機(jī)構(gòu)投資者的業(yè)績(jī)，而持有更多的非博彩型股票會(huì)提升基金的業(yè)績(jī)。第三、基金持有非博彩型和博彩型股票比例之差也會(huì)顯著影響基金業(yè)績(jī)。而基金持有博彩、非博彩型股票比重之比在普通股票基金數(shù)據(jù)中對(duì)基金業(yè)績(jī)有顯著影響，但是在混合偏股基金中沒有顯著影響，，因此認(rèn)為此變量的顯著性不穩(wěn)定，結(jié)果不夠可信。 本研究具有明晰的政策含義，即機(jī)構(gòu)投資者在做出投資策略時(shí)，應(yīng)當(dāng)遵循穩(wěn)健的投資風(fēng)格，盡可能規(guī)避博彩型股票；對(duì)于投資者而言，在選擇參與機(jī)構(gòu)投資者（如基金）時(shí)，也可以通過(guò)博彩特征對(duì)其加以評(píng)估。
[Abstract]:Using Kumaran 2009 as a reference, this paper divides stock into betting type and non-gambling type according to the three dimensions of income bias, trait fluctuation and stock price level. First, we examine the yield of betting and non-gambling stocks. Secondly, we examine the following two questions: is institutional investors averse or prefer to participate in gambling? Does participating betting stocks affect their performance? The study found that: first, through gambling, non-gambling shares held by institutional investors by the market value ratio of outstanding shares market value as well as institutional investors holding gambling, non-gambling stocks in the total investment stock market value proportion. The results show that institutional investors' gambling evades as a whole, which shows that their investment concept is rational. Second, in examining whether holding betting and non-betting stocks will affect the performance of the fund, it is concluded that holding more betting stocks significantly reduces the performance of institutional investors. And holding more non-betting stocks will improve the performance of the fund. Third, the difference between the proportion of non-betting and gambling shares will significantly affect the performance of the fund. The ratio of non-betting stocks has a significant impact on the performance of the fund in the data of ordinary stock funds, but it has no significant effect on the mixed equity funds, so the significance of this variable is considered to be unstable. The results are not credible enough. This study has clear policy implications, that is, institutional investors should follow a sound investment style when making investment strategies, and avoid gambling stocks as much as possible; For investors, they can also be evaluated by their betting characteristics when choosing institutional investors (such as funds).
【學(xué)位授予單位】：華中科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 黃運(yùn)成;文曉波;;中國(guó)證券投資基金“選股偏好”實(shí)證研究[J];財(cái)政研究;2005年11期

2 周學(xué)農(nóng);彭丹;;機(jī)構(gòu)投資者對(duì)中國(guó)股市波動(dòng)性影響的實(shí)證研究[J];系統(tǒng)工程;2007年12期

3 何佳;何基報(bào);王霞;翟偉麗;;機(jī)構(gòu)投資者一定能夠穩(wěn)定股市嗎?——來(lái)自中國(guó)的經(jīng)驗(yàn)證據(jù)[J];管理世界;2007年08期

4 徐小君;;公司特質(zhì)風(fēng)險(xiǎn)與股票收益——中國(guó)股市投機(jī)行為研究[J];經(jīng)濟(jì)管理;2010年12期

5 王向陽(yáng),袁定;開放式基金的業(yè)績(jī)與特征影響因素分析[J];經(jīng)濟(jì)論壇;2005年17期

6 沈維濤,黃興孿;我國(guó)證券投資基金業(yè)績(jī)的實(shí)證研究與評(píng)價(jià)[J];經(jīng)濟(jì)研究;2001年09期

7 孔東民;代昀昊;李捷瑜;;知情交易與中國(guó)股市博彩溢價(jià)[J];金融評(píng)論;2010年02期

8 祁斌;黃明;陳卓思;;機(jī)構(gòu)投資者與股市波動(dòng)性[J];金融研究;2006年09期

9 徐海濤;限制賣空對(duì)證券市場(chǎng)收益偏度和波動(dòng)性影響的實(shí)證研究[J];遼寧工學(xué)院學(xué)報(bào);2005年03期

10 李向前;機(jī)構(gòu)投資者、公司治理與資本市場(chǎng)穩(wěn)定研究[J];南開經(jīng)濟(jì)研究;2002年02期

本文編號(hào)：1410752