本文關(guān)鍵詞：中美制度差異與開(kāi)放式基金的績(jī)效對(duì)比研究　出處：《中原工學(xué)院》2014年碩士論文　論文類(lèi)型：學(xué)位論文

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【摘要】：在二十一世紀(jì)，中國(guó)的金融市場(chǎng)取得了迅猛的發(fā)展，投資者的風(fēng)險(xiǎn)意識(shí)和承受能力逐漸增強(qiáng)，對(duì)收益水平亦有了更高的追求。投資者需要有金融工具把分散的資金集中運(yùn)用，因此，證券投資基金就應(yīng)運(yùn)而生。而近年來(lái)，中國(guó)基金市場(chǎng)發(fā)展陷入了“瓶頸期”，學(xué)者研究表明，我國(guó)基金制度的不完善是導(dǎo)致這種局面的一個(gè)重要原因，制度改革的呼聲越來(lái)越高。在美國(guó)，投資基金已經(jīng)發(fā)展了一百多年，基金規(guī)模是世界最大也是最發(fā)達(dá)的，同時(shí)其監(jiān)管制度也是最行之有效的，美國(guó)基金市場(chǎng)豐富的經(jīng)驗(yàn)和科學(xué)、系統(tǒng)的理論方法都是值得中國(guó)借鑒的。因此，中國(guó)證券投資基金與美國(guó)證券投資基金在績(jī)效是否存在差異，監(jiān)管制度有哪些不同，我國(guó)哪些基金制度需要改進(jìn)，這些都具有十分重要的研究意義。而在現(xiàn)代金融市場(chǎng)中，股票開(kāi)放式基金是一個(gè)最為重要的基金產(chǎn)品類(lèi)型，在所有的基金中占據(jù)了亦有十分重要的地位。因此，本文是以股票開(kāi)放式基金為研究對(duì)象。論文首先對(duì)中美兩國(guó)的基金制度進(jìn)行差異分析，在這樣制度差異的背景下，對(duì)中美基金績(jī)效進(jìn)行對(duì)比評(píng)價(jià)，一般基金績(jī)效評(píng)價(jià)需要從以下三個(gè)方面進(jìn)行：（1）利用風(fēng)險(xiǎn)調(diào)整收益指標(biāo)（三大經(jīng)典指數(shù)）對(duì)基金業(yè)績(jī)的大小進(jìn)行衡量；（2）評(píng)價(jià)基金經(jīng)理的擇時(shí)選股能力；（3）考察基金業(yè)績(jī)是否具備持續(xù)性。本文對(duì)中美兩國(guó)股票開(kāi)放式基金業(yè)績(jī)?cè)u(píng)價(jià)的研究也從以上三項(xiàng)展開(kāi)。實(shí)證結(jié)果顯示：中美基金制度在熊市、牛市、平衡市時(shí)均存在不同程度的差異，且美國(guó)基金績(jī)效整體表現(xiàn)優(yōu)于中國(guó)基金。再次，將中美制度差異量化，對(duì)基金績(jī)效的成因進(jìn)行回歸分析，，考察制度因子對(duì)基金績(jī)效的影響是否顯著，結(jié)果顯示：持股集中度（控制變量）、持有一種股票的比例上限、其余制度因子對(duì)基金績(jī)效存在不同程度的影響。最后，提出中國(guó)基金應(yīng)提高基金經(jīng)理的自由度和加大投資者保護(hù)力度的對(duì)策建議。
[Abstract]:In twenty-first Century, Chinese financial market has made rapid development, investors' risk awareness and ability to gradually increase, income levels also have higher pursuit. Investors need to have financial tools to use, centralized and decentralized funds, securities investment funds have emerged. In recent years, the development of fund market in China the "bottleneck", the research shows that China's fund system is one of the important causes of this situation, the system reform more and more high. In the United States, investment fund has developed for more than 100 years, the size of the fund is the world's largest and most developed at the same time, the regulatory system is the most effective. The United States fund market experience and science, the system theory and the method are worthy of reference China. Therefore, China securities investment fund and securities investment fund performance in the United States If there is a difference, what are the different supervision system in our country, which fund system needs to be improved, which has very important research significance. In the modern financial market, the Stock Open-end Fund is one of the most important types of fund products, in all funds accounted for also has a very important position. Therefore, this paper is based on the Stock Open-end Fund as the research object. Firstly, analyses the differences between the fund system of the two countries, in such institutional differences under the background of Sino US comparative evaluation of fund performance, the general fund performance evaluation is needed from the following three aspects: (1) the risk adjusted returns index (three classic index) to measure the performance of the fund size; (2) evaluate the fund manager's stock picking and timing ability; (3) investigate whether they have sustained performance of the fund. The two Sino US Stock Open-end Fund Study on the performance evaluation of gold launched from more than three. The empirical results show that: the Sino US fund in a bear market, the bull market, there exist differences of balance of the city, and the overall performance is better than the performance of the fund China fund. Once again, the US system difference quantization, regression analysis of the causes of the fund performance, the influence of system the factor of fund performance is significant, the results showed that the concentration of ownership (control variables), hold a stock proportion limit, other institutional factors have different effect on the fund performance. Finally, the fund should Chinese countermeasures to improve the fund manager's freedom and increase investor protection.

【學(xué)位授予單位】：中原工學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.51;F837.12

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