摘要
从综合业绩度量、证券选择水平和市场时机选择水平三个方面分析了我国证券投资基金业绩。研究表明 ,我国证券投资基金业绩普遍高于市场平均收益 ,大部分基金具有较强时机选择能力 ;但同时分析也表明 ,相当一部分基金选择股票能力需要提高。
We perform a comprehensive analysis of the securities investment funds of China. In our analysis of their returns, we find that funds, on average, hold stocks that outperform a broad market index(the Shanghai index), and the majority of funds possess significant market timing talents. However, our results shows that a bit of fund managers dont generate superior performance by means of stock selection techniques.
