股票型基金业绩影响因素探析  

Factors Affecting the Performance of Equity Fund

作　　者：王祥明 占浩 WANG Xiang-ming;ZHAN Hao

机构地区：[1]中南财经政法大学工商管理学院,湖北武汉430074 [2]银科投资控股有限公司,上海201702

出　　处：《中南民族大学学报（人文社会科学版）》2024年第1期155-162,187,共9页Journal of South-Central Minzu University (Humanities and Social Sciences)

基　　金：国家自然科学基金青年项目“绿色信贷与环境信用联动对企业绿色转型的影响:机制、效应与制度优化”(72103208)。

摘　　要：选择2018-2021年532支股票型基金为样本,采用结构方程模型,研究基金持股变动、资产配置、行业配置以及外部特征对基金业绩的影响。结果发现,基金持股变动体现基金经理的管理能力和对市场变化的把握能力,有利提升基金业绩;基金持股比例提高,表明机构投资者对后市行情看好,从而带动中小投资者跟随而拉动股价,提高基金业绩;行业选择方面,基金对特定行业了解越深入,投资集中度越高,基金业绩越好;外部特征对业绩影响不显著。This study examines the factors influencing the performance of 532 equity funds from 2018 to 2021 using a structural equation model.The study investigates the impact of fund holdings changes,asset allocation,industry allocation,and external characteristics on fund performance.The results indicate that fund holdings changes reflect the fund manager's ability to manage and grasp market changes,which is beneficial for improving fund performance.An increase in fund holdings indicates that institutional investors have a positive outlook on the future market,leading to an increase in stock prices and improving fund performance.Regarding industry selection,the deeper the fund's understanding of a specific industry and the higher the investment concentration,the better the fund performance.The study finds that external characteristics have no significant impact on fund performance.

关 键 词：股票型基金 业绩 影响因素 

分 类 号：F830.9[经济管理—金融学]