基金投资风格形成的金融学解析

The Financial Explanation of Fund Investment Style Forming

投资风格是基金研究的重要领域之一,其广泛运用于基金的风格判别和业绩评价中。已有的研究很少涉及投资风格形成和发展的理论溯源,文章从现代金融学出发,分别以有效市场理论和行为金融理论两个不同的视角对投资风格形成的理论基础进行了系统的分析。研究表明,市场有效性是决定基金基础投资风格的重要因素,而投资者主体行为将影响基金投资风格的调整过程。

Investment style is the most important field in fund research. And it＇ s been widely applied in fund style establishment and performance evaluation. Former researches rarely deal with the financial origin of investment style developing and forming. Based on the modem finance theory, this paper conducts a thorough analysis on the fundament theory of investment style from the perspective of efficient market theory and behavior finance theory. The resuits show that market efficiency is the key factor about the fund initial investment style, and investor behavior will infect the process of fund style change.