“趋势投资”抑或“价值投资”——对基金投资风格的实证检验及成因分析  

＂Value Investment Style＂ or ＂Trend Investment Style＂ ：The empirical analysis and reason exploration on the investment style of se- curities-investment fund in present China

作　　者：朱航[1] 陈羽昕[2] 彭寿康[1] 

机构地区：[1]浙江工商大学章乃器学院,杭州310018 [2]浙江工商大学金融学院,杭州310018

出　　处：《中国经济与管理科学》2009年第5期115-117,120,共4页Chinese Economy Management Science Magazine

摘　　要：基金是否仍然坚持它的“价值投资”理念抑或是纯粹投机性质的“趋势投资”，本文对此进行实证研究。本文首先给出针对投资基金的“趋势投资风格”的定义。其次，根据“换手率”、“平均持仓年限”、“板块聚集度”等三项指标设计了“投资风格评价体系”，并且进行了相应的实证分析，认为基金在投资风格上存在“趋势投资”倾向。最后，结合中国金融市场实际，多角度分析了基金背离“价值投资”的成因。This paper examines whether securities-investment fund insists on the traditional ＂Value Investment Style＂ or shifts to a purely speculative ＂Trend Investment Style＂. The paper firstly defines the concept of fund＇s ＂Trend Investment Style＂, setting up an evaluation system based on three indexes：＂the turnover rate＂,＂the average years of holding the position of a fund＂ and ＂the industry-clustering degree＂. Empirical analysis helps draw the conclusion that the securities-investment fund in present China do performs a ＂Trend Investment Style＂. Finally, we further explores the reasons for fund＇s deviation from the traditional ＂Value In- vestment Style＂ in various aspects combining the reality of the financial market in present China.

关 键 词：基金 价值投资 趋势投资 投资风格转移 

分 类 号：F830.591[经济管理—金融学]