基于保险成本的基金业绩评价研究

Evaluation Research of Fund Performance Based on Insurance Costs

证券投资基金作为一种利益共享、风险共担的集合投资方式,通过发行基金证券,集中不特定投资者的资金,委托专业的基金管理公司进行证券资产的投资管理,以达到分散风险、节约成本、提高收益的目的。如何评价基金业绩也就成为投资者选择的一个依据,同时也是对基金公司自身能力的一个评价。以经典基金业绩评价指标开始,评述了各自的优缺点,进而从基金风险计量角度出发,根据期权思想,借用B-S模型,提出保险成本概念对基金风险进行计量,从而用无风险报酬对基金进行总体业绩的评价。

As a collective investment method of benefit-sharing and risk-sharing,securities investment funds,through the issuance of fund securities,concentrate the funds of non-specific investors,and entrust professional fund management companies to manage the investment of securities assets,in order to achieve the purpose of diversifying risks,saving costs and increasing profits.How to evaluate the fund performance will become a basis for investors,and it is also an evaluation of the fund company's own capabilities.This paper begins with the performance evaluation indicators of classic funds,and reviews their respective advantages and disadvantages.From the perspective of fund risk measurement,according to the option idea,the B-S model is used to propose the insurance cost concept to measure the fund risk,so that the risk-free compensation can be used to evaluate the overall performance of the fund.