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1、哈爾濱工業(yè)大學(xué)管理學(xué)碩士學(xué)位論文摘要關(guān)注和完善投資基金業(yè)績?cè)u(píng)價(jià)理論對(duì)于我國基金業(yè)長期健康發(fā)展尤其必要。隨著我國證券投資基金的發(fā)展和壯大，勢(shì)必存在投資基金良蕎不齊的狀況，因而非常有必要對(duì)證券基金進(jìn)行績效評(píng)估，從而正確的評(píng)價(jià)和比較不同基金的投資表現(xiàn)，引導(dǎo)投資者對(duì)投資基金進(jìn)行適當(dāng)?shù)耐顿Y選擇。首先本文介紹了研究證券投資基金業(yè)績?cè)u(píng)價(jià)的背景及本文研究的目的和意義，然后對(duì)投資基金的含義及其主要類型進(jìn)行了詳細(xì)的介紹;同時(shí)簡述了投資基金在我國的發(fā)展及其對(duì)我國證券投資基金市場(chǎng)的重要貢獻(xiàn)。其次，對(duì)我國證券投資基金業(yè)績?cè)u(píng)價(jià)
2、的方法進(jìn)行了介紹，并比較了這些指標(biāo)的優(yōu)劣，然后分析了我國的基金業(yè)績?cè)u(píng)價(jià)中存在的主要的問題。本文針對(duì)上述證券投資基金業(yè)績?cè)u(píng)價(jià)中存在的問題建立了符合我國國情的投資基金業(yè)績?cè)u(píng)價(jià)體系，系統(tǒng)地設(shè)計(jì)了對(duì)基金投資進(jìn)行評(píng)價(jià)的各種指標(biāo)，以反映基金在不同時(shí)期的收益水平和風(fēng)險(xiǎn)水平及基金經(jīng)理的管理能力，并對(duì)所涉及指標(biāo)的功能及評(píng)價(jià)體系在應(yīng)用中需要注意的問題進(jìn)行了詳細(xì)的闡述。最后在對(duì)基金業(yè)績實(shí)證分析結(jié)果的基礎(chǔ)上從投資理念、基金規(guī)模、基金收益的構(gòu)建、加大監(jiān)管及完善證券市場(chǎng)等角度提出了提高我國基金業(yè)績的幾點(diǎn)建議。關(guān)鎮(zhèn)詞證券投資基金
3、;基金績效;實(shí)證研究一一嘗禁巴竺絲墅竺迄些二~一一一AbstractInthisthesis,thefundamentaltheoriesofinvestmentanditsperformanceevaluationsystemarebrieflyintroducedfirstly,onwhichgreatconcernisfocusbyresearchersinthisfieldinrecentyears.Andmoreconcernisfocusonhowtomakesuchevaluation
4、systemorindicescandescribetheperformanceofinvestmentmorepreciselyandclearly.Theestablishmentofsuchasystembecomesmoreandmoreimportantforthehealthyandsteadydevelopmentofvariouskindsoflong-terminvestmentfundsinChina.Withthefastdevelopingandgrowingofstocks
5、investmentfundsinourcountry,theremustbesomekindsoffundsthatcanmakegreatprofitsbutsomeotherscannotontheotherhand.Soit'sbadlyneededthatanindexsystemshouldandcouldevaluatetheirperformanceproperlyandcomprehensively.Thisisveryimportantforthestockfundinvesto
6、rsmaketheirchoicesandfinaldecisionswhentheyselectwhichfundstheywanttoputmoneyonthem,bothwiththerisks.Atpresenttime,manyresearchresultsontheperformancesofstockinvestmentfundsinChinaarefocusingontwoaspectsmainly.Thefirstoneisthefeasibilityofthemathematic
7、almodeloftheevaluationsystem,someempiricalfunctionsthatcansimplycomputesomeindicatorsorindicestodescribetheirperformancesareincludedalso.Therearemanyindicatorsandindicesexist,suchasaverageprofitrateperweek,$coefficient,Johnsoncoefficient,Sharpratio,VAR
8、andaverageprofitrateperweekNAR,etc.Theotheraspectisthat,towhichdegree,thestockinvestorsshouldtaketheshares.It'sallknownthatprofitandriskarethetwosidesofasward,moresharesconcentratedononeinvestor,morerisksheorshewilltake.Inthestockmarket
