中国主动管理型开放式基金业绩研究  

Performance Evaluation of China's Active Open-ended Funds

作　　者：钱宗鑫[1] 蒋超 Qian Zongxin;Jiang Chao(School of Finance,Renmin University of China;CCB Principal Asset Management)

机构地区：[1]中国人民大学财政金融学院 [2]建信基金管理有限公司

出　　处：《应用经济学评论》2024年第1期142-161,共20页THE APPLIED ECONOMICS REVIEW

摘　　要：本文利用2006—2016年我国主动管理型开放式基金收益数据,在控制壳价值后,检验了基金的投资业绩。研究发现,我国部分基金具有选股能力,择时能力偏弱,基金业整体业绩有较大提升空间。进一步研究表明,业绩不佳的原因是因为业绩缺乏持续性,我国基金业管理人的投资水平差异主要体现在3年内,长期差异不明显。This paper studies skill in the mutual fund industry in China from 2006 to 2016,after shell value stocks were eliminated.We find that some funds have stock-picking ability,while a few are good at timing.However,the fund industry as a whole shows poor investment skill.Further evaluation shows that the reason for poor performance is the lack of continuity of skilled professionals.The cross-sectional differences in skill persist for only three years.

关 键 词：基金业绩归因 壳价值 基金规模 

分 类 号：F832.51[经济管理—金融学]