银行理财产品与开放式基金业绩比较分析  

Performance Comparison between Open-ended Fund and Commercial Bank's Financial Planning Product

作　　者：翟立宏[1] 罗荣华[1] 刘威仪[2] 

机构地区：[1]西南财经大学金融学院 [2]北京大学光华管理学院

出　　处：《财经科学》2013年第10期21-30,共10页Finance & Economics

基　　金：国家自然科学基金青年项目(批准号:11001225);西南财经大学211工程青年教师成长项目(批准号:211QN0014)的资助

摘　　要：银行理财产品和开放式基金是我国金融市场上两类典型的通道投资产品。本文利用2005年至2011年的收益率数据,从多个角度对两者的业绩进行对比分析,得到了一系列结论。第一,从收益率的绝对水平来看,基金具有较高的收益率,但也伴随着较高的风险;第二,在对收益率进行市场风险的调整之后,两者之间的差距缩小,如果进一步对个体异质风险进行调整,理财产品的收益率要高于基金;第三,由于理财产品本身在机制上和投资标的上的灵活性,其择时能力要强于基金。Based on the history data from 2005 to 2011, we make a comprehensive comparison between open-ended fund and commercial bank＇s financial planning products on their performance in this paper. Our empirical works show the following results. Firstly, fund has higher rdw return accompanied with higher volatility than bank＇s fmancial planning products. Secondly, after controlling for the market risk, the differ- ence on performance gets smaller. If further controlling for the idiosyncratic risk, bank＇s financial planning product performs better than fund. Finally, from the point of view of timing ability, because of its flexibility on mechanism and underlying assets, bank＇s financial planning product outperforms fund.

关 键 词：银行理财产品 开放式基金 业绩比较 

分 类 号：F832.51[经济管理—金融学] F832.2F224