华东师范大学学报(哲学社会科学版) ›› 2007, Vol. 39 ›› Issue (6): 110-113.

• 金融问题研究 • 上一篇    下一篇

沪深股市两类开放式股票投资基金投资业绩比较分析

袁东安   

  1. 华东师范大学 金融与统计学院金融学系,上海 200241
  • 收稿日期:2007-07-30 出版日期:2007-12-15 发布日期:2007-12-15
  • 作者简介:袁东安(1964-), 男, 江西吉安人, 华东师范大学金融与统计学院金融学系讲师, 博士

A Comparative Performance Analysis of the Two Types of Open-End Stock Investment Fund in China

Dong-an YUAN   

  1. School of Finance & Statistic, East China Normal University, Shanghai 200241, China
  • Received:2007-07-30 Online:2007-12-15 Published:2007-12-15

摘要:

经验研究表明, 2006年年初至2007年6月底, 采用消极管理策略的指数基金的投资业绩要明显优于或至少不会明显弱于采用积极管理策略的非指数基金, 这与半强型EMH的推论相一致。从我国两类开放式股票投资基金的发展现状来看, 指数基金的发展步伐相对滞后, 今后应有较大的发展潜力。

关键词: 积极管理, 消极管理, 有效市场, 投资基金, 复权单位净值

Abstract:

This empirical study indicates that the average performance of the domestic common stock index funds with passive management were significantly better than, at least not significantly worse than, that of the domestic common stock funds with active management from the beginning of 2006 to the end of June, 2007. This tends to support the semi-strong form EMH. The number and scale of the domestic common stock index fund is relatively small, so we will see it experience a faster development in the near future.

Key words: active management, passive management, efficient market, investment fund, adjusted net asset value (adjusted NAV)

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