摘要
对2004-2006年证券行业和abc公司自营业务的实证分析表明,不同年份abc公司的投资能力表现出不同水准,但总的趋势是择时能力和择股能力在不断提高。证券行业2005年和2006年的择时能力不如2004年,2005年、2006年行业内公司的盈利能力开始分化。经过模型验证,基于持仓的分析方法与基于收益的方法结论相同,可以为实务界采用。
This paper presents an empirical analysis of the self-operated business of securities industry and abc company in 2004-2006.It indicates that the overall trend is continuous increase in market-timing risk identification and in stock selection although abc company＇s investment ability in market-timing risk identification either in 2005 or in 2006 was not so good as in 2004,since the companies in the industry saw a weakened profit-making ability in the two years.According to the model test,the conclusion drawn from the holding-based method is the same as that made from the return-based method.The holding-based method can be utilized by the practice field.
出处
《金融理论与实践》
北大核心
2007年第9期62-64,共3页
Financial Theory and Practice
关键词
证券公司
自营业务
绩效评价
择时能力
securities companies
self-operated business
performance evaluation
market-timing risk identification
