投资基金业绩评价与市场效率研究

Research on performance evaluation of security investment funds and market efficiency

通过证券投资基金的业绩评价来判断市场效率的高低是衡量一个证券市场是否有效的一种方法,利用西方基金业绩评价的多种指标对中国新基金在最近一年内的业绩进行评价,得出中国新基金在证券市场系统性风险比较大的情况下普遍取得了超越市场的业绩。中国证券市场的弱势有效性是保证中国证券投资基金取得较好业绩的前提。在实证研究的基础上,提出要提高中国证券投资基金的运作效率,必须提倡基金的规范运作和法制化管理。

Evaluating the performance of security investment funds is one of methods to weigh the efficiency of the security market. Using several western performance indicators of security investment funds, the author evaluated security investment funds’ performance in the late year, and drew the conclusion that most of them achieved better performances than the whole security market did despite the fact that the systemic risk of security market is higher in China. Week-efficiency of security market is just a prerequisite for security investment funds to make good performances. On the basis of study through demonstration on security market, finally puts forward suggestions that standardized operation of funds and legalized management of supervise are both necessary to improve the efficiency of the security market in China.