摘要
使用面板数据分析方法对我国开放式股票型基金的业绩影响因素进行实证研究,研究表明,基金的绝对业绩和相对业绩的影响因素比较相似。基金业绩与其股票交易量、资金利用效率、份额增长率、管理费率及股市整体走势呈正相关关系,与机构投资者比例呈负相关关系,与基金规模呈倒U型关系,与基金风险无显著关系。
This paper presents the result of the authors＇ empirical study, conducted by means of panel data analysis, of the influencing factors of the performance of China＇ s open-end stock funds. The au- thors, through the study, find that the influencing factors of absolute performance are similar to those of relative performance. The paper points out that there is positive correlation between fund performance and the stock exchange volume, efficiency of fund utilization, share growth rate, management fee rate, and the whole trend of the stock market, that there is negative correlation between fund performance and institutional investor proportion, that there is a reversed U relationship between fund performance and fund scale, and that there is no remarkable relation between fund performance and fund risk.
出处
《金融理论与实践》
CSSCI
北大核心
2013年第9期72-75,共4页
Financial Theory and Practice
关键词
股票型基金
绝对业绩
相对业绩
影响因素
stock-type fund
absolute performance
relative performance
influencing factors
