证券投资基金不同资产配置方式及其对基金收益的影响被引量：12

Asset Allocation and Fund Performance

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摘要本文以我国35只股票型开放式基金为研究样本,从战略性资产配置、战术性资产配置以及战术性资产配置中的资产调整和证券调整等四个角度,分别考察资产配置对基金收益的影响。研究发现,我国证券投资基金的战略性资产配置对基金收益的影响占主要地位,战术性资产配置中的证券调整的影响也相对较大。进一步的研究表明,基金的规模、成立时间以及投资风格对资产配置作用于基金收益具有重要且不同的影响。据此,本文提出了相关的启示与政策建议。 This paper presents an empirical research on asset allocation＇ s influence on fund returns based on a sample of 35 stock funds in China from four different perspectives, i. e., strategic asset allocation, tactical asset allocation and two subcategories under tactical asset allocation called assets adjustment and securities adjustment. The research reveals that strategic asset allocation represents the dominant influence on Chinese Security Investment Fund returns, followed by tactical asset allocation with a robust input from the subsidiary securities adjustment. Our further study shows that such factors as scale, launch time and investment style of a fund produce non-trivial and different effects on its returns. According to this, the paper put forward correlative revelations and policy proposals.

作者李学峰魏娜张舰

机构地区南开大学经济学院

出处《证券市场导报》 CSSCI 北大核心 2008年第9期71-77,共7页 Securities Market Herald

基金国家社科基金重大研究课题(课题批准号:06&ZD030) 南开大学哲学社会科学创新基金研究项目(项目编码NKC0504) 天津市哲学社会科学研究规划(2007)项目(项目编码TJYY07-2084) 韩国高等教育财团与南开大学亚洲研究中心2007资助研究项目(项目编号AS0714)的阶段性研究成果

关键词证券投资基金资产配置方式组合投资基金收益 Mutual fund, asset allocation, investment portfolio, performance

分类号 F830.39 [经济管理—金融学]

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参考文献14

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二级参考文献51

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