【摘要】：信孚銀行起訴大馬拉案、摩根斯坦利集團(tuán)起訴普利西案、香港雷曼兄弟的迷你債事件等給投資者帶來了巨大的損失,此類事件是由于金融監(jiān)管中對“投資者適當(dāng)性”原則的疏忽導(dǎo)致的,但利益受損最大的還是投資者,因此對投資者適當(dāng)性的研究是保護(hù)投資者利益的重要舉措。目前我國的投資者適當(dāng)性研究僅停留在制度建設(shè)和法律層面,而論文引入對投資者自身適當(dāng)性研究的定量分析。通過了解投資者的相關(guān)資料對投資者的風(fēng)險承受能力進(jìn)行評估,從層次分析法的實證結(jié)果來看,投資者的財務(wù)狀況(主要是家庭收入和有無房產(chǎn))是影響其自身適當(dāng)性的主要因素,而基本情況中的年齡、婚姻狀況和家庭規(guī)模與風(fēng)險認(rèn)知能力中的受教育程度對其也具有一定的影響。在此基礎(chǔ)上對我國開放式基金市場進(jìn)行研究,其目的在于探究我國開放式基金市場上的產(chǎn)品是否能夠滿足不同投資者的投資需求,這為后續(xù)研究投資者銷售適當(dāng)性的定量分析奠定了基礎(chǔ)。通過SAS、EVIEWS、EXCEL等計量統(tǒng)計分析工具對基金多樣性和業(yè)績持續(xù)性進(jìn)行分析,發(fā)現(xiàn)我國開放式基金不管從基金評級還是各種加權(quán)收益率分析都具有多樣性,基金市場不乏“好”的基金存在。另一方面,我國開放式基金不具有長期持續(xù)性,因此投資者在對開放式基金市場投資時不能只注重基金過去的業(yè)績,這是不理智的行為。論文的主要創(chuàng)新點(diǎn)在于通過分析國內(nèi)外相關(guān)研究,提出了針對我國開放式基金市場投資者適當(dāng)性的初步定量分析平臺,同時運(yùn)用較為新穎的分析方法-因子分析法來對基金進(jìn)行評級,但論文的定量研究止于投資者自身適當(dāng)性研究,并沒有涉及廣義投資者適當(dāng)性,這是論文的不足之處,也是以后投資者適當(dāng)性定量分析的研究重點(diǎn)之一
[Abstract]:Xinfu Bank sued Maarra, Morgan Stanley Group sued Priesti, Hong Kong Lehman Brothers' mini-debt incident and so on, which brought huge losses to investors. This kind of event is caused by negligence of the principle of "investor appropriateness" in financial supervision, but it is the investors who suffer the most benefit. Therefore, the study of investor appropriateness is an important measure to protect the investor's interests. At present, the research of investor appropriateness in our country only stays at the level of institution construction and law, while the thesis introduces quantitative analysis of investor's own appropriateness. Through the understanding of the relevant information of investors to assess the risk tolerance of investors, from the analytic hierarchy process empirical results, The financial situation of investors (mainly household income and the availability of property) is a major factor affecting their own suitability, and the underlying age, Marital status, family size and educational level in risk cognition also have some influence on it. On this basis, this paper studies the open-end fund market in China, which aims at exploring whether the products in the open-end fund market can meet the investment needs of different investors. This has laid a foundation for the quantitative analysis of investor sales appropriateness. By means of econometric statistical analysis tools such as SASS-EVIEWSE-EXCEL, this paper analyzes the diversity and performance sustainability of the funds. It is found that the open-end funds in China have diversity in both the rating and the weighted rate of return analysis. There is no shortage of "good" funds in the fund market. On the other hand, China's open-end funds do not have long-term sustainability, so investors in the open-end fund market can not only focus on the past performance of the fund, this is irrational behavior. The main innovation of this paper is to put forward a preliminary quantitative analysis platform for the suitability of investors in China's open-end fund market through the analysis of relevant research at home and abroad. At the same time, factor analysis method is used to grade the fund, but the quantitative research of this paper ends with the study of the appropriateness of the investors themselves, and does not involve the appropriateness of the generalized investors, which is the deficiency of the paper. It is also one of the key points in the quantitative analysis of investor appropriateness in the future.
【學(xué)位授予單位】：天津財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

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