基金定投与一次性投资业绩比较研究

A Comparative Study on the Performance of Automatic Investment Plan and Lump-Sum Investment

通过将市场行情区分成震荡、熊市、牛市三种情形,比较研究基金定投和一次性投资的收益率与基金净值波动的关系,发现除牛市行情以外,在熊市行情和震荡平整行情下定投业绩均优于一次性投资。进一步对不同类型基金产品定投的业绩研究发现,指数型基金最适合于采用定投方式,并且其所跟踪的标的指数覆盖的股票样本数越多,其定投的业绩越佳。不同市况下基金定投与一次性投资业绩的差异性可以通过负向择时风险进行合理解释。

The paper makes a comparative study on the relationship between the fluctuation of fund net worth and the earnings ra- tio of automatic investment plan （ AIP）, lump - sum investment by dividing the market conditions into volatile market, bear market and bull market. It shows that the performance of AIP is superior to that of lump - sum investment under the circumstance of bear mar- ket, volatile and smooth market except the bull market. Through further research on the performance of AIP for different types of fund products, we discovered that AIP is most suitable for exponential fund. And the larger the number of stock sample that the exponent, traced by exponential fund, covers, the better the performance of AIP. The differences in the performance of AIP and lump - sum in- vestment under different market conditions can be reasonably explained through negative timing risk.