资产配置对基金收益影响程度的定量分析

Quantitative Analysis: How Asset Allocation Affects Mutual Fund Revenue

资产配置是证券投资决策的首要环节,它可分为战略性资产配置及包括选时和选股在内的战术性资产配置。资产配置不但影响了基金业绩沿时间的变化,还对基金之间的业绩差异具有较高的解释程度。本文利用中国的市场数据,度量了资产配置对基金收益的影响程度。

Asset allocation, a key element concerned with decision making on securities investment, can be strategic or tactical. Not only does it affect the performance of mutual fund over time, but also explains to a large extent the difference in performance results of the fund managers. This paper is an assessment of the impact of asset allocation on revenue of mutual fund with the help of relevant market data.