证券投资基金投资行为研究

【作者】 赵金刚；

【导师】 陈武；

【作者基本信息】 西南石油学院 ， 管理科学与工程， 2004， 硕士

【摘要】 证券投资基金作为证券市场重要的参与者，其投资行为必将对证券市场乃至整个宏观经济运行产生深远的影响。 鉴于国内外同类研究存在的问题，本文围绕着证券投资基金投资行为这一主题，在介绍证券投资基金的基本知识之后，从投资行为的客观依据及实证研究入手，依次对投资行为的决策模型，投资行为的评价，投资行为的约束与激励进行了研究。 在具体的研究过程中，本文从证券投资基金在风险证券与无风险证券之间和风险证券内部的投资选择两个方面，建立了刻画其投资行为的决策模型。同时，这也为深入研究证券市场收益的特征及波动原因，提供了逻辑基础。介绍和比较了证券投资基金投资行为的评价方法，并针对我国的国情构建了一个评价体系框架。指出了证券投资基金投资行为存在的问题，并针对性的提出了一些约束措施。在证券投资基金投资行为的激励中，基于“偷懒模型”建立了业绩导向的激励模型，并通过引入投资风格符合因子对其进行了扩展。同时，这也为证券投资基金的治理提供了理论支持。 证券投资基金的投资行为研究，不仅具有很强的理论价值，同时，也具有较强的实用价值。因此，本文的研究成果，对投资者及监管部门也具有一定的参考价值。更多还原

【Abstract】 The security investment fund is as the important participant of security market; its investment behavior will have a far-reaching impact on security market and even the whole macroscopically economical operation.In view of the domestic and international similar research existing problem, this text is rounding this theme of the investment behavior of security investment fund, after ABC of the security investment fund of the introduction, proceed with the objective basis of Ihe behavior of investment and positive research, to ihe decision model of the behavior of investment sequentially, the appraisal of the behavior of investment, the restraint and encouragement of the behavior of investment have been studied .In the course of concrete research, this text invest fund in risk securities and have risk between the securities from securities and risk investment inside the securities choose two respects, have set up the decision model which portrays its investment behavior. Meanwhile, this, in order to further investigate the characteristic of the income of security market and fluctuation reason too, have offered the logic foundation. Have recommended and compared the appraisal method of the investment behavior of security investment fund, and structure a appraisal system frame to our country’s conditions. Point out the investment behavior existing problem of security investment fund, and some restraint measures of proposition of pertinence. Make an investment in security investment fund encouragement of behavior, set up encouragement model that achievement leads on the basis of " lazy model ", and through is it invest in style accord with factor expand to their to introduce. Meanwhile, this offered theory support for administration of the security investment fund loo.The behavior of the investment of Ihe security investment fund is studied, not merely have very strong theory value, meanwhile, and have stronger practical value too. So, the research results of this text have certain reference value to investors and supervision department.更多还原