我国开放式基金评级信息质量研究

The Imformation Quality of the Rating System of Open-end Funds

众多的评级机构在为投资者提供评级信息的时候对同一只基金的评级可能并不相同,投资者选择哪种评级成为他们更关心的问题。不仅仅是投资者关心,监管者也在关注评级的发展。证监会目前已出台相关的基金评级文件以规范当前基金评级市场。本文切中时弊,通过对晨星评级、银河评级以及理珀评级的比较研究发现,晨星提供的评级信息质量优于理珀提供的评级信息质量;理珀提供的评级信息质量又优于银河提供的评级信息质量。从基金的业绩对比来看,银河的基金评级方法存在明显的局限性,国内的基金评级还需要极大改进。

The ratings of exactly the same fund by distinctive fund-rating institutes may be different, thus investors concern that which one is more valuable. Besides the investors, the regulator also keeps an eye on the development of the fund-rating. Policies by the CSRC have been put forward to regulate the fund-rating market. Compared between the rating institutes of Morning-star, Galaxy and Lipper, this paper draws the conclusion： Morning-star excels Lipper in providing rating information quality; Lipper excels Galaxy. From the aspect of the performance of the funds, the method of Galaxy is with obvious limitations, which implies that there is still much scope for the development of the fund-rating in China.