本文關鍵詞： 定期定額投資 基金定投 次優(yōu) 風險　出處：《天津商業(yè)大學》2013年碩士論文　論文類型：學位論文

【摘要】：定期定額投資，是一種簡單而又流行，被很多投資者青睞的投資方式。這種投資方式是指在相等的時間間隔內將數額相同的資金用于特定投資或投資組合。定期定額投資法被投資顧問廣泛地推薦給投資者，近幾年在中國市場上流行起來的基金定投就是一種典型的定期定額投資方式。但是西方國家學術界卻對這種投資方式存在爭議，，主流學術觀點認為，與一次性投資相比，定期定額投資是次優(yōu)選擇，這一爭議被稱為“定期定額投資之謎”。國內的學術界甚至很少有關于定期定額投資的研究。本文將向投資者詳細介紹這一爭論，并試圖揭開這一爭論的謎底。 本文指出，定期定額投資方式在風險（不利事件）發(fā)生時，可以在降低風險的同時提高收益，而負半方差是度量風險（不利事件）程度的指標。本文采用中國大陸全部A股上市公司作為樣本，進行了實證研究，發(fā)現在其他條件不變的前提下，負半方差越高，定期定額投資的效果越好，驗證了定期定額投資方式能夠在規(guī)避風險的同時提高收益的假設。本文為解開“定期定額投資之謎”提出了新的視角、觀點與實證證據。 由于定期定額這中投資方式在中國證券市場上的典型應用就是基金定投，所以本文還對基金定投業(yè)務在我國的發(fā)展現狀進行了闡述，并對投資者在基金定投業(yè)務中需要注意的問題給出了建議，以幫助投資者更好的決策。 本文在此基礎上得出結論認為定期定額投資方式無論是在降低風險方面還是在提高收益方面都優(yōu)于一次購買的投資方式。但是，國內基金定投的投資者并不能因此就認為可以在任何情況下應用這一投資策略就一定可以獲得高收益。而必須對基金定投適合的人群，投資的金額的選擇，投資期限的確定以及基金定投的風險和規(guī)則有所了解再進行投資。 雖然定期定額投資法在國外已經有很多研究，但對于定期定額投資法理論上的次優(yōu)性和實務中長久以來的盛行之謎卻依然沒有合理的解釋。而且，國內關于這方面的研究多是實務界理財人員給出的投資建議，相關的學術研究少之又少，大多集中在基金定投的應用上，很少提及定期定額投資法，未將其提升到理論高度，本文試圖彌補這一空白，并采用國內股票市場的歷史數據來揭開定期定額投資的爭論之謎。
[Abstract]:Fixed fixed investment is simple and popular. A form of investment favored by many investors. This is the use of the same amount of money in a particular investment or portfolio at equal intervals. The fixed term investment law is widely recommended to investors by investment advisers. In recent years, the fund fixed investment which has become popular in the Chinese market is a typical fixed fixed investment method. However, there is controversy in the academic circles of the western countries about this kind of investment. The mainstream academic view is that, compared with one-off investment, Fixed quota investment is the second best choice, which is called "the riddle of fixed quota investment". There are few researches on fixed quota investment in our country. This paper will introduce this argument to investors in detail. And trying to unravel the mystery of this argument. This paper points out that when the risk (adverse event) occurs, the fixed quota investment can reduce the risk and increase the return. The negative semi-variance is an index to measure the degree of risk (adverse events). This paper uses all the A-share listed companies in mainland China as a sample to carry out empirical research, and finds that the higher the negative semi-variance is, the higher the negative semi-variance is when other conditions remain unchanged. The better the effect of fixed quota investment is, the better the hypothesis is that it can avoid risks and increase returns. This paper presents a new perspective, viewpoint and empirical evidence for solving the mystery of fixed quota investment. As the typical application of fixed quota in China's securities market is fixed investment, this paper also describes the current situation of the development of fixed investment business in China. In order to help investors make better decision, the paper gives some suggestions on the problems that investors should pay attention to in the investment business. On the basis of this, this paper concludes that the fixed term investment is superior to the first purchase in terms of reducing risk or increasing the return. Domestic fund investors cannot therefore assume that the investment strategy can be used in any case to achieve high returns. Instead, it is necessary to choose the right amount of investment for the right people to invest in the fund. Investment term determination and fund investment risk and rules have some knowledge of the investment. Although there has been a lot of research on the term quota investment law abroad, there is still no reasonable explanation for the theoretical sub-optimality of the periodic quota investment law and the long prevailing mystery in practice. Most of the domestic research on this aspect is the investment advice given by the financial management personnel in practice. The relevant academic research is very few. Most of them focus on the application of fixed fund investment, and seldom mention the regular quota investment law, and do not elevate it to the theoretical level. This paper tries to fill this gap and use the historical data of domestic stock market to unravel the controversy of fixed investment.
【學位授予單位】：天津商業(yè)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51

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