【摘要】：證券投資基金指通過公開發(fā)售基金份額募集資金,由基金托管人托管,由基金管理人管理和運(yùn)用資金,為基金持有人的利益,通過資產(chǎn)組合進(jìn)行的證券投資方式。它作為現(xiàn)代經(jīng)濟(jì)重要金融媒介,基金對構(gòu)建完善的金融體系,促進(jìn)社會群眾和社會組織的投資與風(fēng)險(xiǎn)管理,積極推進(jìn)社會養(yǎng)老保險(xiǎn)體系,乃至社會經(jīng)濟(jì)發(fā)展等方面產(chǎn)生了重大深遠(yuǎn)的影響。 目前關(guān)于開放式基金研究已較成熟,學(xué)者從基金的基金理論、運(yùn)行效率、業(yè)績評價(jià)等進(jìn)行了全面的研究。國外有學(xué)者在此基礎(chǔ)上引入社會網(wǎng)絡(luò)的理論進(jìn)行了基金分析,重視投資網(wǎng)絡(luò)形成過程的分析,從社會學(xué)、經(jīng)濟(jì)學(xué)等領(lǐng)域,對創(chuàng)業(yè)中聯(lián)合投資、私募基金網(wǎng)絡(luò)的理論與案例進(jìn)行了深入的討論,我國也有人把社會網(wǎng)絡(luò)理論引入私募投資和創(chuàng)業(yè)投資領(lǐng)域。 本文在前人研究基礎(chǔ)上,應(yīng)用社會網(wǎng)絡(luò)的理論和方法,以開放式基金共同持股關(guān)系形成的投資網(wǎng)絡(luò)為研究對象,以參與其中的基金為結(jié)點(diǎn),以2003年、2005年、2007年、2008年2010年五年的年報(bào)的數(shù)據(jù)為樣本選取時(shí)間,把基金共同持有某支股票作為對股票的關(guān)注強(qiáng)度作為基金間的聯(lián)系,對基金市場格局進(jìn)行了分析。分析發(fā)現(xiàn)：整個(gè)基金投資網(wǎng)絡(luò)是低凝聚性的,各個(gè)基金在整個(gè)網(wǎng)絡(luò)中權(quán)利及地位分配是不均衡的,但基金業(yè)績與其在網(wǎng)絡(luò)中的地位沒有明顯影響；投資網(wǎng)絡(luò)中存在多個(gè)派系,尤其以一家基金旗下的基金關(guān)系最為緊密,但是,抱團(tuán)往往并不能取得超出市場的收益,人際關(guān)系長期可能不會為基金帶來超額收益；隨著時(shí)間的推移,基金之間的人際關(guān)系導(dǎo)向在降低,基金呈現(xiàn)出更為理智和成熟的投資理念和方法,并在市場上出現(xiàn)了百花齊放的投資派系。這一方面說明我國對基金市場的監(jiān)管和引導(dǎo)取得了一定的成效,另一方面也提示基金應(yīng)更多的把精力放在提高業(yè)務(wù)能力方面,而非人際關(guān)系和內(nèi)幕消息。 同時(shí),利用類似的方法,本文以股票為研究結(jié)點(diǎn),以它們被基金共同持有的強(qiáng)度為聯(lián)系的深度,對2007—2010的數(shù)據(jù)進(jìn)行了拓展分析,分析發(fā)現(xiàn),之前基金更多的投資方向是金融煤炭等大型壟斷央企,投資分化不明顯,但隨著理念的成熟,市場投資呈現(xiàn)突出的政策導(dǎo)向性和結(jié)構(gòu)分化,2010年轉(zhuǎn)向以金融、電子、醫(yī)藥為主的結(jié)構(gòu)性投資調(diào)整,適應(yīng)這種調(diào)整的基金取得了大大超出市場平均水平的收益,可以預(yù)測這種投資的結(jié)構(gòu)性分化會成為未來長期的趨勢。
[Abstract]:The securities investment fund refers to the way of securities investment, which is raised through the public offering of fund shares, managed and used by the fund manager, and through the portfolio for the benefit of the fund holder. As an important financial medium of the modern economy, the fund has promoted the investment and risk management of the social masses and social organizations to build a sound financial system, and actively promoted the social endowment insurance system. Even social and economic development has had a significant and profound impact. At present, the research on open-end funds has been mature, and scholars have made a comprehensive study from the fund theory, operational efficiency, performance evaluation and so on. On this basis, some foreign scholars have introduced the theory of social network for fund analysis, attached importance to the analysis of the forming process of investment network, and invested jointly in entrepreneurship from the fields of sociology, economics, etc. The theory and case of private equity fund network have been discussed deeply, and some people in our country have introduced social network theory into the field of private equity investment and venture capital. On the basis of previous research, this paper applies the theory and method of social network, taking the investment network formed by open-end fund co-shareholding relationship as the research object, taking the participating fund as the node, taking 2003, 2005, 2007 as the research object. The data of the annual report in 2008 and 2010 are selected as the sample time, and the mutual holding of a certain stock is regarded as the relationship between the fund and the fund, and the market pattern of the fund is analyzed. It is found that the whole fund investment network is low cohesion, and the distribution of rights and status of each fund in the whole network is not balanced, but the performance of the fund and its status in the network have no obvious influence; There are many factions in the investment network, especially one fund has the closest relationship, however, the group can not get the income beyond the market, and the interpersonal relationship may not bring excess returns to the fund for a long time. With the passage of time, the interpersonal relationship orientation between the funds is decreasing, the fund presents more rational and mature investment ideas and methods, and the investment factions appear in the market. On the one hand, this indicates that the supervision and guidance of the fund market in China has achieved certain results, on the other hand, it also suggests that the fund should pay more attention to improving its business ability, rather than interpersonal relations and insider information. At the same time, using the similar method, this paper takes stocks as the research node and the intensity of their mutual holding by the fund as the depth of connection. The data of 2007-2010 are expanded and analyzed, and the results show that, Before that, the investment direction of the fund was more large monopolized central enterprises, such as finance, coal and so on. The investment differentiation was not obvious, but with the maturity of the concept, the market investment showed prominent policy orientation and structural differentiation. In 2010, it turned to finance and electronics. The adjustment of structured investment based on medicine and the income of fund which adapts to the adjustment have greatly exceeded the average level of the market, which can predict that the structural differentiation of this kind of investment will become a long-term trend in the future.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51

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