基金中基金(FOF)理论研究进展

Progress of Research on Fund of Funds Theory

近年来,基金中基金(FOF)在我国发展如火如荼,但其理论研究发展却相对滞后。加强FOF理论研究,对提升业内资产管理绩效能力和帮助学术界提出有效的资产定价及配置模型与理论具有十分重要的意义,也将有较大可能成为今后的研究热点。笔者梳理了国内外学者近年来关于FOF的基本概念、运营理论、实证分析等方面的文献以及对其双重收费等争议问题的研究进展,并尝试对FOF的业绩评价方法和指标进行了总结和分类,为业内投资者和研究者们整理了一个较为系统的FOF理论研究框架和业绩评价指标体系。这些理论和评价指标虽然未必能直接用于国内FOF市场,但我国学者可以在借鉴和吸收国内外已有研究成果的基础上,结合国内FOF市场的实际状况,进一步拓展完善FOF理论体系。笔者在总结FOF研究理论体系发展进展的基础上,进一步提出了当前研究存在的问题及今后完善和发展的方向。

In recent years,Fund of Funds(FOF)develops vigorously in China,but development of theoretical research on FOF is relative lagged.To strengthen FOF theory research is very important to promote the industry asset management performance ability and help the academic circle put forward the effective asset pricing and configuration model and theory,it may become the research hotspot in the future.We check the domestic and foreign scholars literature about FOF,operation theory and empirical analysis in recent years and the research progress about the dispute issues,such as rationality of Double Fee of FOF.We also summarize and classify FOF performance evaluation methods and indexes,and settle a systematic FOF theory research framework and performance evaluation index system for the investors and researchers in the industry.Although these theories and evaluation indexes may not be applied in the domestic FOF market directly,Chinese scholars can expand and perfect FOF theory systems further on the basis of referring and absorbing the domestic and foreign existed research achievements and in the combination of the actual situation of domestic FOF market.We further put forward the current existing problems of research and the future perfection and development direction based on summarizing the development progress of FOF research theory system.