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投资策略的制定是基金管理人在投资活动中首先面临的问题,同时也直接关系到基金的运作和绩效。本文选取了我国的20只封闭式基金,通过Jensen绩效评价回归方程、T-M模型回归方程对基金绩效进行了参数检验,对不同投资策略的基金绩效进行了分析,发现投资策略与基金业绩之间不存在显著相关关系。最后根据实证结果给出了初步结论。
The formulation of investment strategy is the first issue that fund managers face in their investment activities, and is also directly related to the operation and performance of the fund. In this paper, 20 closed-end funds in our country are selected. The parameters of the fund performance are tested by the Jensen performance regression equation and the TM model regression equation. The performance of the funds under different investment strategies is analyzed. It is found that the investment strategy and the fund performance are not There is a significant correlation. Finally, according to the empirical results give the preliminary conclusions.