我国开放式和封闭式基金绩效比较的实证研究

Empirical Studies on Performance Results of Chinese Open- end and Closed-end Funds

近年来我国新设立的开放式基金远远多于封闭式基金。在数量迅速增长的情况下,开放式基金能否取得优于封闭式基金的绩效受到市场的普遍关注。本文选取了10家基金管理公司,每家公司各选一只开放式基金和一只封闭式基金,从收益率、风险调整后的绩效和择时能力三个方面比较了2004年1月至2005年4月期间开放式基金与封闭式基金的绩效。实证结果显示,在我国目前情况下,开放式基金的绩效略高于封闭式基金,但并不存在显著的差异。

Closed-end funds in China are far outnumbered by open-end funds. With increasing capacity, their performance results are being closely watched. This paper selects out of ten fund managing companies one closed-end and one open-end funds for comparison in terms of yield and risk-adjusted performance results and timing capability during the peri Empirical studies od from January 2004 to April 2005 revealed a moderate difference in favour of open-ended funds.