我国封闭式基金折价的业绩相关性检验与投资者理性化分析  

A Study on the Relation between Performance and Discount of Closed-end Fund and the Rationalization of Investors in China

作　　者：王凯涛[1] 袁泽沛[2] 

机构地区：[1]西安交通大学管理学院,陕西西安710049 [2]武汉大学商学院,湖北武汉430072

出　　处：《中国软科学》2003年第12期43-46,99,共5页China Soft Science

基　　金：国家社会科学基金资助项目(01BJL012;01BJY089)

摘　　要：利用实用统计分析方法对2000年8月17日至2002年8月16日中国封闭式基金的基金溢价和业绩相关关系进行检验。研究发现,我国封闭式基金溢价水平与基金业绩的关系正在经历由不相关、微弱正相关逐渐到比较显著的正相关发展过程。结果表明我国投资者对封闭式基金的认识逐渐理性化,这种发展趋势有助于完善我国封闭式基金经理人的激励约束机制,对发展我国基金产业具有重要启示。This paper examines the relation between past performance and discount (premium) of closed-end funds in China from August 17th 2000 to August 16th 2002. The empirical result shows that premiums do not relate performance during first sub-period, and relate performance faintly during next, and relate performance significantly during the third. The result reflects the rationalization of Chinese investors,which will promote funds managers' incentive mechanism and have some important implication for fund industry development in China.

关 键 词：封闭式基金 折价 业绩 投资者理性化 相关性检验 统计分析 中国 

分 类 号：F832.51[经济管理—金融学]