摘要
基金绩效的评价引发了评价方法的选择问题,而评价方法的不同会导致评价结果大相径庭。论文选择最小凸投入要求集(Minimum Convex Input Request Set Approach,MCIRS)研究了我国33只封闭式基金从2001到2004年的相对绩效,并利用面板数据分析方法(Panel Data)分析了基金绩效的主要影响因素。实证结果显示:我国封闭式基金的绩效呈现出明显的时间态势,受大盘调整的影响较大。随着我国证券市场的不断成熟,基金业的进一步规范以及基金管理公司本身选股能力的提高,基金的绩效正在逐步提高。
The evaluation of close-ended fund achievement needs to choose suitable method because different methods have totally different effects. This paper analyses the relative achievement of 33 close-ended funds from 2001 to 2004 using Minimum Convex Input Request Set Approach. Then it analyses the influencing factors using Panel Data. The empirical results indicated that achievement of close-ended funds have obvious timing tendency. It is also affected heavily by stock market. With the development of Chinese stock market, advanced management on investment fund, and the improved choosing capacity by fund management companies, the achievement of close-ended funds is improving gradually.
出处
《价值工程》
2007年第9期13-17,共5页
Value Engineering
基金
国家社会科学基金项目:"中国金融自由化进程中的金融安全预警研究"(06XJL004)
2007年度陕西省教育厅立项项目:"陕西银行业个人理财产品创新与营销策略研究"(07JK108)的阶段性研究成果。
