本文選題：開放式基金 + 選股能力�。� 參考：《華中科技大學(xué)》2012年碩士論文

【摘要】：2001年我國第一只開放式基金——“華安創(chuàng)新”誕生，這標(biāo)志著我國基金業(yè)的發(fā)展實現(xiàn)了從封閉式基金到開放式基金的歷史性跨越，從此開放式基金逐漸取代封閉式基金成為中國基金市場發(fā)展的方向。隨后，基金公司不斷涌現(xiàn)、基金品種層出不窮，至今，基金種類已經(jīng)實現(xiàn)了股票型基金、債券型基金、混合型基金以及近些年出現(xiàn)的指數(shù)型基金、上市型開放式基金、合格境內(nèi)機(jī)構(gòu)投資者（QDII）、合格境外機(jī)構(gòu)投資者（QFII）等全面發(fā)展。證券投資基金已經(jīng)成為我國證券市場中最具影響力、最不可或缺的機(jī)構(gòu)投資者，其投資理念、投資策略和管理水平以及投資業(yè)績對我國證券市場的穩(wěn)定和發(fā)展起著非常重要的作用。鑒于此，本文對我國不同類別開放式基金業(yè)績進(jìn)行實證分析和評估，具有相當(dāng)重要現(xiàn)實意義。 本文主要通過學(xué)習(xí)和借鑒國內(nèi)外學(xué)者對開放式基金選股擇時能力的模型和方法，，以資本資產(chǎn)定價理論（CAPM）為基礎(chǔ)，運用T-M模型對我國2006年以前成立的128支不同類型的開放式基金在三個時間段內(nèi)進(jìn)行選股擇時能力實證分析和研究，并進(jìn)行統(tǒng)計研究，發(fā)現(xiàn)我國大部分基金經(jīng)理的選股擇時能力水平都很低，尤其體現(xiàn)在擇時能力方面，只有少數(shù)的基金經(jīng)理具備較低的選股能力。然后，對我國基金選股擇時能力水平低的原因進(jìn)行分析，并提出相關(guān)改進(jìn)建議。
[Abstract]:In 2001, China's first open-end fund, "Hua'an Innovation", was born, which marks the historic leap from closed-end fund to open-end fund in the development of Chinese fund industry. Since then, open-end funds have gradually replaced closed-end funds as the direction of the development of the Chinese fund market. Then, the fund company emerges unceasingly, the fund variety emerges one after another, so far, the fund type has already realized the stock fund, the bond fund, the mixed fund and the index fund which appears in recent years, the listed open-end fund. QFIIs, QFIIs, QFIIs, QFIIs, etc. Securities investment funds have become the most influential and indispensable institutional investors in China's securities market. Investment strategy and management level as well as investment performance play a very important role in the stability and development of China's securities market. In view of this, this paper makes an empirical analysis and evaluation of the performance of different types of open-end funds in China, which is of great practical significance. Based on the capital asset pricing theory (CAPMM), this paper mainly studies and draws lessons from the models and methods of the open-end fund's stock timing ability of domestic and foreign scholars, which are based on the capital asset pricing theory. Using T-M model, this paper makes empirical analysis and research on the stock timing ability of 128 different types of open-end funds established before 2006 in three time periods, and carries on the statistical research. It is found that the level of stock timing ability of most fund managers in China is very low, especially in the aspect of timing ability, and only a few fund managers have lower stock selection ability. Then, the paper analyzes the reasons for the low level of China's fund timing ability, and puts forward some suggestions for improvement.
【學(xué)位授予單位】：華中科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F224

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