本文關(guān)鍵詞： 定期定額投資 基金定投 次優(yōu) 風(fēng)險(xiǎn)　出處：《天津商業(yè)大學(xué)》2013年碩士論文　論文類型：學(xué)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(shí)間間隔內(nèi)將數(shù)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(xué)術(shù)界卻對(duì)這種投資方式存在爭議，，主流學(xué)術(shù)觀點(diǎn)認(rèn)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(nèi)的學(xué)術(shù)界甚至很少有關(guān)于定期定額投資的研究。本文將向投資者詳細(xì)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(fēng)險(xiǎn)（不利事件）發(fā)生時(shí)，可以在降低風(fēng)險(xiǎn)的同時(shí)提高收益，而負(fù)半方差是度量風(fēng)險(xiǎn)（不利事件）程度的指標(biāo)。本文采用中國大陸全部A股上市公司作為樣本，進(jìn)行了實(shí)證研究，發(fā)現(xiàn)在其他條件不變的前提下，負(fù)半方差越高，定期定額投資的效果越好，驗(yàn)證了定期定額投資方式能夠在規(guī)避風(fēng)險(xiǎn)的同時(shí)提高收益的假設(shè)。本文為解開“定期定額投資之謎”提出了新的視角、觀點(diǎn)與實(shí)證證據(jù)。 由于定期定額這中投資方式在中國證券市場上的典型應(yīng)用就是基金定投，所以本文還對(duì)基金定投業(yè)務(wù)在我國的發(fā)展現(xiàn)狀進(jìn)行了闡述，并對(duì)投資者在基金定投業(yè)務(wù)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(chǔ)上得出結(jié)論認(rèn)為定期定額投資方式無論是在降低風(fēng)險(xiǎn)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(nèi)基金定投的投資者并不能因此就認(rèn)為可以在任何情況下應(yīng)用這一投資策略就一定可以獲得高收益。而必須對(duì)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(fēng)險(xiǎn)和規(guī)則有所了解再進(jìn)行投資。 雖然定期定額投資法在國外已經(jīng)有很多研究，但對(duì)于定期定額投資法理論上的次優(yōu)性和實(shí)務(wù)中長久以來的盛行之謎卻依然沒有合理的解釋。而且，國內(nèi)關(guān)于這方面的研究多是實(shí)務(wù)界理財(cái)人員給出的投資建議，相關(guān)的學(xué)術(shù)研究少之又少，大多集中在基金定投的應(yīng)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(bǔ)這一空白，并采用國內(nèi)股票市場的歷史數(shù)據(jù)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(xué)位授予單位】：天津商業(yè)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

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