转型经济中的证券投资基金绩效研究

在由计划经济向市场经济转型的过程中,存在诸多不规范的市场结构性因素。转轨与新兴的双重特征、文化与社会的特质使得转型经济国家的金融市场具有明显的特殊性。在这个意义上,传统的研究方法在这个处于转型期的市场上存在着诸多欠缺。基金作为证券市场的重要投资主体,其绩效评估历来受到诸多关注。传统的评价方式是建立在基金自身历史业绩基础上的。我国证券市场由于市场相对狭小,市场有效性不高,投资对象相对缺乏,存在着基金持股高度相似等现象。本文从新的视角,用新的方法来考察证券投资基金的投资行为,以便更好地反映我国证券投资基金的绩效。

Study on Mutual Fund Performance in Transformation Economy

During the transformation from plan economy to the market economy, there are a lot of specifications in the financial market due to the cultural and society character. In this sense, traditional study may be ineffective in such a transformation market. As the major investor in the security market, there are a lot of studies about its performance. But the traditional evaluations are all built on the historical performance of the mutual fund itself. The security market in China is much smaller than the mature market, so the investing object seems much shorter. We try to study the mutual fund performance in a new angle so that it can evaluate the mutual fund performance in a better way.