摘要
随着证券投资基金的不断创新发行,投资风格已逐渐成为基金产品设计与投资者选择基金品种时考虑的主要因素之一。本文通过对国内外学者在基金投资风格方面的系统梳理,分析了有效市场理论线性研究范式下的基金投资风格理论的演进历程,从投资风格的概念厘定、投资风格的识别方法及改进、投资风格漂移成因分析及其对基金业绩的影响等4个方面作了相应的评述。然后针对有效市场理论的严格假设不足与我国基金市场呈分形特征的现实背景下,提出有必要引入分形理论非线性科学来对基金投资风格理论体系进行修正探索,最后从7个方面为学术界与基金界提出了对现有基金投资风格理论体系修正的研究方向。
With the plenty of securities investment fund innovative issued constantly, invest became one of the main elements of consideration for the fund product designers and investor ng styles oosing the kinds of funds. On the base of combing the researching results of domestic and foreign scholars systematically, the paper analyzed the developing process of fund investing theory of efficient market theory and discussed them in 4 aspects. Then this paper put forward making a modified exploration for fund investing style theory system with the fractal theory of nonlinear science, at last it proposed the direction of modified researching exploration from 7 aspects for academic circles and fund circles.
出处
《金融理论与实践》
北大核心
2010年第12期11-18,共8页
Financial Theory and Practice
基金
教育部人文社科基金规划项目"基于多重分形理论的基金投资风格漂移风险测度与控制研究"(10YJA630131)
关键词
证券市场
基金投资风格
演进透视
分形理论
非线性科学
Stock Market
Fund Investment Style
Developing Perspective
Fraetal Theory
Nonlinear Science
