国外关于基金持有人选择能力最新研究方法评析.docVIP

国外关于基金持有人选择能力最新研究方法评析 　　摘 要：国外对基金经理证券选择能力的研究已经持续了近半个世纪。最近十余年来，随着行为金融学的兴起，对基金持有人选择能力的研究开始逐渐受到重视，并取得了重要进展。目前，关于基金持有人选择能力的研究方法，根据使用的数据不同，分为基于基金净资产数据的研究、基于基金持股组合数据的研究、基于基金交易数据的研究三类。今后，应设计能够更准确地反映基金持有人选择行为的指标，获得更精确的反映基金持有人买卖行为的数据，探索评价基金业绩的更为准确和稳健的方法，以进一步深化关于基金持有人选择能力的研究。 　　关键词：基金持有人；基金选择能力；投资组合；基金净资产；基金持股组合；基金交易；基金经理 　　中图分类号：F830.91 文献标志码：A 文章编号：1674-8131（2011）05-0064-05 　　 　　Review of Foreign New Research Methods on Fund-shareholder’s Selection Ability 　　LIAO Chang-you?1,2, ZHENG Rong?1, GAN Sheng-dao?3 　　(1. School of Management, Xihua University, Chengdu 610039, China; 　　2. School of Business Administration, Southwestern Universtiy of Finance and Economics, Chengdu 610074, China; 　　3. School of Business Administration, Sichuan University, Chengdu 610080, China) 　　Abstract: The foreign study on the stock-picking ability of the fund managers has already been carried on about half a century and, especially, in recent ten years, with the emerging of behavioral finance, the research on the selection ability of fund-shareholder began to be emphasized and has made important progress. Currently, according to different data used by researchers, the research methodology of the selection ability of fund-shareholder can be classified into such three methods as the research based on net asset data, the research based on data of stock portfolio held by fund and the research based on fund transaction data. The research on the selection ability of fund-shareholder should be further deepened by designing the indexes more able to accurately reflect selection behavior of fund-shareholder, by obtaining the data more accurately reflecting the buying and selling behaviors of fund-shareholder and by exploring more stable and accurate methods for evaluating fund performance. 　　Key words: fund-shareholder; fund selection ability; investment portfolio; net asset of fund; stock portfolio held by fund; fund transaction; fund manager 　　 　　一、引言研究投资者的行为是金融学的重要内容之一。 　　基金经理与基金持有人都是基金市场