我国开放式基金业绩持续性实证研究.pdf

I ABSTRACT Recentlywith the rapid development of the Chinese stock market and the successful reform of the shareholder structure, the open fund market of our country has received great achievement. To invest open funds has becoming one of the most important channels to manage money. But most decisions about how to invest and how to choose funds is based on the contrast of the former performances of every open fund. Because most investors believe the hypothesis that the former performance of the funds could predict the next. It means that they believe open fund has performance persistence. However, my question is whether the hypothesis could be supported and whether the performance of the open fund could be persisted. This paper will answer these questions. This paper contains six chapters. The first chapter is the preface, including the sketch of the paper. The second chapter is mainly about the domestic and foreign research achievements about the domain of the performance persistence of the investing funds. The following three chapters are the main sections of the whole paper, including the general situation of the open funds, the theories and models about the performance persistence of the investing funds, and the empirical research on the samples. The last chapter is the conclusions of the research results and the suggestions to the government and the investors. The conclusions of the whole paper is that the open funds industry doesn’t has the performance persistence in totality, no matter the inspecting period is 6 months, 9 months or 12 months. It means that