“封转开”基金绩效比较研究  

A Comparison Analysis on the Performance of Closed-end Funds That Open-end

作　　者：林乐芬[1] 黄翀[1] 

机构地区：[1]南京农业大学经济管理学院,南京210095

出　　处：《金融研究》2009年第7期95-103,共9页Journal of Financial Research

基　　金：江苏省教育厅高校哲学社会科学基金项目(08SJD7900054)

摘　　要：本文运用经风险调整的收益率对基金转型前后的绩效进行了比较,研究表明,开放式基金与封闭式基金之间存在投资风格的不同,但综合收益与风险控制能力,两者之间并没有明显的优势;"封转开"并没有显著提高基金的绩效,且在证券市场下跌时期封闭式基金对市场的稳定作用更明显;保存封闭式基金具有现实意义。The conversion of closed-end funds to open-end status which started in 2006 was an important event of Chinese fund market. The paper compares pre-conversion and post-conversion performance of the funds, with earning, risk and risk-adjusted performance measures. The results sho^s that there is a different investment styles between open-end funds and closed-end funds, but considering earning and risk, none of them has any advantage over their counterparts; performance was not improved after conversion. What is more important is the stabilizing effect on stock market of closed-end funds is more transparent when the market index is going down. There is a necessity of closed-end funds.

关 键 词：封闭式基金 开放式基金 封转开 绩效比较 

分 类 号：F832.51[经济管理—金融学]