摘要
本文通过对中国封闭式基金的收益进行IK分解,将其分解为政策收益和积极操作收益,以图考查中国基金资产配置政策对基金表现的决定作用。经过对所搜集的上市封闭式基金的相关数据的实证分析,我们得出结论:(1)各封闭基金的资产配置政策对其总收益表现平均有50%的决定作用;(2)资产配置政策的差异只能解释12.5%的基金间的收益差异;(3)我国封闭基金的投资的积极操作过于活跃,并未取得正的积极操作收益,反而对基金总收益产生负影响,降低了政策收益对总收益的解释能力,积极操作越活跃,总收益越差;(4)我国封闭基金总体上没有优于市场的表现。
This article divides the income of a Chinese close-ended fund into the policy return and active return by IK decomposition,in order to find the factors that determine the fund performance By authentic analysis of the relevant data of the listing close-ended fund collected ,we draw the conclusion：（ 1 ）policy return has 50% of the decisive actions to its income equally each; （2）Assets allocation policy can only explains 12.5 % of the performance differences between funds ; （ 3 ） In our country active investment of a fund is too active, making no positive returns ; （4） The overall performance of the funds is not superior to the market generally in China, more active the active investment is, the worse the total return is.
出处
《财经问题研究》
CSSCI
北大核心
2006年第2期67-71,共5页
Research On Financial and Economic Issues
