An Empirical Analysis on the Stable Return of Resident Funds  

作　　者：Jinling He Zixiang Xia Jingcheng He Xin Gao 

机构地区：[1]School of science,Yunnan Agricultural University,Kunming 650201,Yunnan Province,China [2]The First Company of China Eighth Engineering Bureau Led,Jinan 250101,Shandong Province,China

出　　处：《Proceedings of Business and Economic Studies》2021年第4期128-138,共11页商业经济研究（百图）

基　　金：Supported by the Ministry of Education Humanities and Social Sciences Research Youth Fund Project(No.17YJC790172);Yunnan Province Philosophy and Social Sciences Project(No.QN2017006).

摘　　要：This paper mainly studies how investors invest in funds to obtain high returns while avoiding risks.Firstly,from the perspective of portfolio investment,this paper introduces the traditional Markowitz mean-variance model and capital asset pricing model(CAPM),then selects four funds from different industries by MATLAB program in Sina Finance and Economics Network for application analysis from which the optimal portfolio point can be obtained under the combination of efficient frontier and capital allocation line.Subsequently,by analyzing the returns of long-term holdings and short-term operations of Noan Growth Hybrid Fund,it is confirmed that long-term holding funds can better cope with the changing market so as to obtain more stable returns.Finally,this paper discusses the dynamic adjustments of asset portfolio.Resident investors are supposed to take into account the market situation and the changes of the fund itself to adjust the holding fund portfolio.Based on the research in this paper,resident investors ought to combine investment funds to diversify risk allocation and make long-term holding plans according to their risk tolerance.At the same time,they should also make appropriate dynamic adjustments when the external environment changes to ensure long-term benefits.

关 键 词：Portfolio investment Mean-variance model Long-term investment CAPM Dynamic adjustment 

分 类 号：F42[经济管理—产业经济]