摘要
通过对基金绩效的分解以及对证券选择能力和市场状况把握能力进行的分析与评价发现,基金组合超额收益率由选择收益率与风险收益率组成,从而也揭示了基金超额收益的来源。这一评价工作有利于保护基金投资者利益,促进我国证券投资基金业的健康发展。
By decomposing the fund performance and evaluating the securities selection ability of and control ability of investors, this paper presents that the excess earning ratio of a fund is made up with both selection earning ratio and risk earning ratio, namely the excess earning of a fund includes earning from the selection of the fund and earning from risk control. To understand the composition of excess earning of fund investment is useful for the protection of the interests of fund investors and the promotion of the development of China's security industry.
出处
《财经理论与实践》
CSSCI
北大核心
2005年第4期58-61,共4页
The Theory and Practice of Finance and Economics