摘要
本文从惯性和反转角度对我国QFII(合格的境外机构投资者)和开放式基金这两类机构投资者的交易策略进行了实证分析,通过构建衡量交易策略的指标M值对实证结果进行了比较分析。研究发现,我国开放式基金总体上选择了惯性交易策略,QFII并无明显的交易策略倾向。QFII在一定程度上有助于稳定我国证券市场。
This article carries out an empirical analysis of investment strategies of QFII and open-end fund from the perspective of inertia and the reversal. The article compares and analyses empirical results by constructing the Indicators of M that measured the investment strategy. The study finds that China＇s open-end funds select inertia investment strategy and there is no clear tendency of investment strategy for QFII. QFII can help to stabilize China＇s securities market to some extent.
出处
《上海金融学院学报》
2009年第2期28-34,共7页
Journal of Shanhai Finance University
关键词
QFII
开放式基金
惯性交易策略
反转交易策略
QFII（Qualified Foreign Institutional Investors）
open-end fund
inertia investment strategy
reversal investment strategy
