我国证券投资基金的投资行为与投资绩效——基于风险与收益最优匹配视角的研究

On the Investment Behavior and Investment Performance of Securities Investment Fund in Our Country: from the Prospective of Optimal Match of Risk and Benefit

本文从风险与收益最优匹配的视角研究基金的投资行为与投资绩效的关系,将风险与收益匹配基础上的投资行为纳入研究视角,建立包含行为因素的基金绩效评价模型,并利用此模型对中国开放式基金进行实证分析。研究发现基金的投资行为对其绩效产生了显著影响,在大部分研究期间内,满足风险与收益匹配要求的投资行为提高了基金的投资绩效;同时发现在大部分研究期间内,大部分基金基于风险与收益匹配基础上的投资行为提高了其投资绩效。

This paper studies the relationship between fund investment behavior and investment performance from the prospective of the optimal match of risks and benefits. It includes the investment behavior into its research which is based on the optimal match of risks and benefits, sets up an evaluation model for fund performance which includs the factor of behavior, and make an empirical analysis on Chinese Open-end fund base on this model. It finds that fund investment behavior has significant affection on its performance. In the meantime of research, the behavior which matches the risk and benefit request promotes the fund performance.