基金规模与基金业绩的关系

基金规模与基金业绩的关系(论文11000字)
摘    要
我国基金市场发展迅速，截止到2016年底，共有3867只基金，基金总规模为88428.31亿份。随着基金规模的不断壮大，基金数量的不断增多，基金规模与基金业绩的关系越来越受到市场各方的关注。本文通过实证研究，对我国证券投资基金业进行全面回顾、多方考察，将基金业绩评价的传统方法和现代方法相结合，找出不同规模基金在业绩上的差异，并探索基金规模与业绩的相互关系，在此基础上提出切实可行的政策建议。旨在通过分析研究，找出不同规模的基金对其业绩的影响程度，为监管者制定相关政策法规、基金管理公司发行恰当规模的基金以及投资者选择正确的基金提供参考依据，以此促进我国基金行业健康发展。基金的发展无可避免地导致大型基金地出现,基金的规模到底有何影响这一问题也出现在实际操作中。建立一支基金之初,基金的业绩依赖基金规模这是肯定的。然而,当基金规模增至一定程度时会产生负面影响。这意味着成本地产生,诚如基金刚设立时可能导致规模经济,基金规模超过某个程度时也可能导致规模不经济。随着基金越来越大,投资组合中的证券也不断增加,基金经理的选择权也同样增加。而且,例如市场冲击费用和避免市场冲击费用成本等交易费也增加了。 

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关键词： 证券投资基金，规模，业绩，实证研究

The relationship between fund size and fund performance
ABSTRACT
Fund market has developed rapidly in our country, by the end of 2016, a total of 3867 funds, funds total scale of 8.842831 trillion. With the growing scale of fund, a growing number of fund, the fund size and fund performance relationship is more and more get the attention of the market parties. In this paper, through empirical study, securities investment fund industry in China to conduct a comprehensive review and investigation, the fund performance evaluation of the combination of traditional and modern methods, find out the different scale of fund of the differences in performance, and explore the relationship between fund size and performance, on the basis of this puts forward the feasible policy Suggestions. Aims to find out the different scale, through analysis and study, the influence degree of the fund for its performance, for regulators to formulate relevant policies and regulations, and fund management companies appropriate scale of fund investors and provided a reference for choosing the right fund, to promote the healthy development of China's fund industry. Inevitably lead to the development of large funds, fund exactly what effect this problem also appeared in the actual operation. At the beginning of the established a fund, the fund's performance depends on the fund size that's for sure. However, when the fund will have a negative impact to a certain degree. This means that the cost to produce, as when the fund has just set up can lead to economies of scale, the fund size exceeds a certain degree can also lead to scale economy. As the fund is more and more big, the portfolio of securities is also increasing, fund manager option is also increased. Moreover, such as market impact cost and avoid market impact costs such as transaction costs have increased.

KEYWORDS：securities investment funds, size, performance, the empirical research

目    录
1 中国证券投资基金概论    1
1.1 证券投资基金的概念和种类    1
1.2 证券投资基金的优势及特点    2
1.3 中国证券投资基金的发展概况及存在问题分析    2
2 证券投资基金业绩评价理论与方法    4
2.1 证券投资基金业绩评价的内容    4
2.2 证券投资基金业绩评价的传统方法    4
2.2.1 资产净值法    4
2.2.2 收益率法    5
2.3 现代证券投资基金业绩评价方法    6
2.3.1 詹森指数    6
2.3.2 特雷诺指数    6
2.3.3 夏普指数    7
3 中国证券投资基金规模与基金业绩的实证分析    8
3.1 研究方法设计    8
3.1.1 业绩评价指标选取依据    8
3.1.2 业绩评价指标选取    8

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3.1.3 评价期选取    8
3.1.4 规模指标选取    9
3.2 基金样本选取    9
3.2.1 样本选取依据    9
3.2.2 样本选取    9
3.3 市场基准以及无风险利率的选择    11
3.4 实证分析    12
3.4.1 基金规模与业绩的相关性分析    12
3.4.2 基金规模与业绩的分类比较分析    12
3.4.3 基金规模与业绩的单因素方差分析    13
4 实证研究结论与政策建议    15
4.1 研究结论    15
4.2 政策建议    15
参考文献    17
后    记    18

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