本文選題：偏股型基金 + 申購(gòu)��； 參考：《山東大學(xué)》2013年碩士論文

【摘要】：證券投資基金是資本市場(chǎng)上主要的投資理財(cái)產(chǎn)品,本文以我國(guó)偏股型基金投資者的申購(gòu)贖回行為為研究對(duì)象,試圖對(duì)基金業(yè)績(jī)和投資者行為間的關(guān)系進(jìn)行盡可能全面的理論研究和實(shí)證分析。 具體而言,文章首先選取從2006年一季度到2012年二季度共26個(gè)季度的樣本數(shù)據(jù),分別以基金短期業(yè)績(jī)回報(bào)率和長(zhǎng)期業(yè)績(jī)回報(bào)率作為解釋變量,運(yùn)用固定效應(yīng)的非平衡面板數(shù)據(jù)模型,對(duì)基金申購(gòu)、贖回和凈申購(gòu)流量與基金業(yè)績(jī)的關(guān)系進(jìn)行回歸分析,找出影響我國(guó)偏股型基金投資者進(jìn)行投資選擇的因素；其次,將樣本期區(qū)分為股市繁榮期和股市蕭條期,分別考察在各時(shí)期投資者對(duì)基金業(yè)績(jī)的考慮有何變化；第三,在回歸模型中加入明星基金和績(jī)劣基金兩個(gè)虛擬變量,考察我國(guó)基金市場(chǎng)的明星效應(yīng)現(xiàn)象。 實(shí)證結(jié)果表明,基金上期季度及年度回報(bào)率對(duì)當(dāng)期的申購(gòu)、贖回和凈申購(gòu)均有顯著的正面影響,但季度回報(bào)率的系數(shù)要大,且我國(guó)基金市場(chǎng)不存在贖回異象；在不同的經(jīng)濟(jì)周期下,投資者申贖基金考慮的因素不盡相同,股市繁榮時(shí)期業(yè)績(jī)回報(bào)率的系數(shù)變大,而市場(chǎng)回報(bào)率對(duì)基金申購(gòu)的影響不明顯,顯示出投資者更加偏好風(fēng)險(xiǎn),預(yù)期效應(yīng)占優(yōu),股市蕭條時(shí)期業(yè)績(jī)回報(bào)率的系數(shù)變小,市場(chǎng)回報(bào)率重新影響基金申購(gòu),表明投資者更加謹(jǐn)慎,追逐業(yè)績(jī)的趨勢(shì)見(jiàn)緩；我國(guó)基金市場(chǎng)存在明星效應(yīng),成為明星基金可以顯著增加隨后的資金流量,但是淪為績(jī)劣基金不會(huì)顯著增加資金流出。另外,成為明星基金不能顯著阻止資金流出,績(jī)劣基金的資金流入也沒(méi)有顯著減少,表明投資者對(duì)績(jī)優(yōu)和績(jī)劣基金的選擇具有不對(duì)稱性。 由此,本文分別給基金公司和基金投資者提出了相應(yīng)建議。建議基金公司通過(guò)提高投研水平、保持良好的基金業(yè)績(jī)；實(shí)施穩(wěn)定的分紅政策,為投資者帶來(lái)實(shí)實(shí)在在的回報(bào)；加強(qiáng)投資者滿意的維護(hù),保護(hù)基金持有人利益等方式在競(jìng)爭(zhēng)中尋求穩(wěn)健發(fā)展。建議基金投資者樹(shù)立理性的投資理念,通過(guò)定投的方式獲得超越市場(chǎng)趨勢(shì)的收益；樹(shù)立長(zhǎng)期穩(wěn)定投資的觀念,通過(guò)分散配置的方式降低風(fēng)險(xiǎn),達(dá)到財(cái)富保值增值的目標(biāo)。
[Abstract]:The securities investment fund is the main investment financial product in the capital market. In this paper, we take the purchase and redemption behavior of the biased fund investors in China as the research object, trying to make a comprehensive theoretical study and Empirical Analysis on the relationship between the fund performance and the investor behavior.
Specifically, the paper first selects sample data from the first quarter of 2006 to the two quarter of 2012, and takes the short-term performance return rate and the long-term performance return rate as the explanatory variable, and uses the fixed effect non balanced panel data model to carry out the relationship between the fund purchase, redemption and net purchase flow and the performance of the fund. The regression analysis is used to find out the factors that affect the investment choice of the biased fund investors in China. Secondly, the sample period is divided into the stock market boom period and the stock market depression period, respectively, to examine the changes in the investors' consideration of the fund performance in each period, and third, add two virtual variables in the regression model into the star fund and the performance inferior fund. Look at the star effect of the fund market in China.
The empirical results show that the quarterly and annual returns of the fund have significant positive effects on the purchase, redemption and net purchase of the current period, but the coefficient of the quarterly return is large, and there is no redemption of the fund market in our country. In the different economic cycles, the factors of Shen Shuji gold consideration are different and the stock market boom period. The coefficient of performance returns has become larger, and the effect of market return on the purchase of funds is not obvious. It shows that investors prefer risk, the expected effect is superior, the coefficient of performance returns in the stock market recession is smaller, and the market return rate re affects the purchase of funds, which indicates that investors are more cautious and the trend of pursuit of performance is slow; China's fund market There is a star effect, which can significantly increase the capital flow of the star fund, but the degenerated fund does not significantly increase the outflow of funds. In addition, the star fund can not significantly prevent the outflow of funds. The capital inflow of the performance inferior fund has not been significantly reduced. Symmetry.
Therefore, this paper puts forward some suggestions for the fund and fund investors respectively. It suggests that the fund company should improve the investment and research level, maintain good fund performance, implement a stable dividend policy, bring real returns to investors, strengthen the maintenance of investors' satisfaction, protect the interests of the fund holders and so on in the competition. It is suggested that the fund investors should set up a rational investment concept, obtain the income beyond the market trend through the way of fixed investment, set up the concept of long-term stable investment, reduce the risk through the decentralized configuration, and achieve the goal of wealth preservation and appreciation.

【學(xué)位授予單位】：山東大學(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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本文編號(hào)：1885861