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论文编号：	1541
作者编号：	041890
上传时间：	2010/5/24 16:18:21
中文题目：	中国开放式基金业绩持续性成因及影响因素研究
英文题目：	Open fund Performance persistence Expense rate Turnover rate Asset growth rate
指导老师：	黄福广
中文关键字：	开放式基金 业绩持续性 费率 投资周转率 资产成长率
英文关键字：	Open fund Performance persistence Expense rate Turnover rate Asset growth rate
中文摘要：	基金业绩的持续性是指在样本期内基金业绩是否稳定，是否具备前后的连贯性。即前期业绩较好的基金在未来期间的业绩也会相对较好，而在前期业绩差的基金在未来的期间也会较差。一个成熟的证券投资基金，应当具有成熟的投资风格和成型的投资理念，与之相对应，其投资业绩也应当表现出一定的持续性。基金业绩的持续性一直是投资者以过去的业绩指导投资的一种前提假设，也是许多评级的理论依据之一。 目前对基金业绩持续性的研究主要集中在检验是否具有持续性上，本文将在检验开放式基金持续性的基础上对开放式基金持续性的成因及影响因素进行进一步的研究。从而为投资者提供更多的参考指标。 本文在介绍了本研究的意义，研究方法，研究框架，创新与不足之处后对基金业绩持续性成因及影响因素的研究以及基金业绩持续性的检验方法方面的文献进行了回顾，梳理出基金业绩持续性成因的研究结论以及影响基金业绩持续性的因素，选择检验基金业绩持续性的方法。 本文的核心部分是对中国开放式基金业绩持续性成因与影响因素的探讨。首先从中国开放式证券投资基金业绩持续性表现分析入手，包括股票市场业绩分析，债券市场业绩分析和开放式基金业绩持续性的短期持续性描述和长期持续性检验，讨论股票型和债券型基金业绩持续性的可能成因及影响因素。接着对影响基金业绩持续性的因素进行实证检验，包括资产成长速度、费率、投资周转率，使用的方法为横截面回归，将基金分为股票型、债券型和混合型三类分别讨论。 最后论文在总结的基础上，对基金评级提出一些建议，以增强评级结果的有效性，并指出了未来的研究方向。
英文摘要：	Persistence of mutual fund performance means stability of fund performance in the sample period. A mature securities investment fund should have mature investment style and shaped investment strategy. Its performance should also show some persistence. Persistence of mutual fund has been an assumption that past performance is guidance to investors and the theoretical basis of fund rating. Current study focuses on performance testing the persistence in mutual fund. The paper will test the persistence in mutual fund, study the reason why there is persistence, and find the influencing factors of persistence of mutual fund. After introducing the main significance of the study, research methods, research framework, innovation and inadequacies the paper reviewed the relative studies including the cause and influencing factors of persistence in mutual fund and the methods testing the performance persistence of mutual fund. The core part of the paper analyzed the reason and the influencing factors of persistence of open fund. Firstly the paper studied on the performance persistence of open securities investment funds in China including stock market performance analysis, the bond market analysis and open fund performance persistence test. The paper divided the open fund into stock-based funds, bond-type hybrid to analyze separately. Then the paper analyzed the factors that impact fund performance persistence, including asset growth rate, rates, and turnover rates. Finally the paper gave the conclusions. It is a summary of the paper, and it pointed the future directions of the research.
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