我国股票型开放式基金的投资策略分析

【作者】 李德志；

【导师】 曹廷贵；

【作者基本信息】 西南财经大学 ， 金融学， 2006， 硕士

【摘要】 一选题背景和意义证券投资基金是指集合大众的资金由专家投资理财,利益共享、风险共担的资金集体。开放式基金是一种为世界基金业实践所检验的先进的基金形式,其运作机制能较好保障基金投资者的利益,能较好激励基金管理人勤勉理财,有较高的透明度,因而成为国际成熟资本市场的主导产品。股票型开放式基金主要投资于各种股票,从长期来看,股票投资的收益高于债券投资和货币市场工具投资,由于其具有专业化的管理,成熟股票投资经验等特点,越来越受到广大投资者的欢迎。目前全球证券市场基金业蓬勃发展,生机盎然,据美国投资公司协会(ICI)表示,2004年美国共同基金市场净流入497.8亿美元,使得基金整体资产增加至7.54万亿美元,目前全球基金规模超过10万亿美元。我国基金业已经在风雨中经过十几年的成长之路,与国外百年的基金发展历史相比,这样一段“超常规的发展”令人感慨万千。1998年证券投资基金成立之初,基金管理公司仅有5家,管理基金资产107亿,2004到2005年,证券基金数218只,资产净值4091.16亿元,份额规模4714.86亿份,管理公司42家。2001年9月21日发行第一只开放基金----华安创新以来,开放式基金在四年多的时间里迅速增长,2001年首发117亿(3只)、2002年448亿元(14只)到2004年2436亿元(107只)、2005年3869亿元(164只)而股票型开放式基金是54只。因此市场竞争也日趋激烈,基金投资的投资业绩关系到基金的生存发展而基金管理公司的投资策略则是决定证券投资基金业的关键因素。本文选择股票型开放式基金作为研究对象,对股票型开放式基金的投资策略以及各种策略的投资业绩进行研究分析,股票型开放式基金的策略演变过程的以及今后的发展方向。本文之所以选择股票型开放式基金因为它是资本市场主流成熟的基金产品,透过它我们可以观察整个基金的投资业态。近年基金业发展极其迅速,呈现出风格多样化,然而在实际运作中,由我国资本市场化发展的时间短,透明度、有效性有限,市场的更多还原

【Abstract】 一、background and significanceSecurity capital fund refers to the capital which is pooled by the experts on investing from the massive investors for the common interests, and all the investors bear the risks. In the worldwide fund industry, open-end fund has proved its superiority in practice. Because it can guarantee the investors’interests, spirit the fund keeper, and secure the transparency, it turns out to be the leading product in the developed capital market. Stock-oriented open-end fund is mainly invested in the stock market. Generally speaking, in the long run stocks investment will yield more than the bond investment and the investment in monetary market. It is popular among the investors because the specialized management and experience in investing. At present, the fund industry steps into the prosperous stage, and ICI said that in 2004 there is a net inflow of $49.78 billion into the mutual fund market, and capital funds amounted to $7.54 trillion. The amount of capital funds in the world is more than $10 trillion. China’s capital funds has a very short history of more than ten years. Comparing with the more than 100-year-history of the developed countries’capital funds, the“extraordinary development”of china’s capital funds will shock everyone. Security capital fund were introduced to china in 1998 and there were five fund administration companies then operating RMB 10.7 billion. By 2005, the amount of capital funds increased to 218 with net value of RMB409.116 billion and 171.486 billion fund shares. And the administration companies increased to 42. since the first open-end fund-Hua’an Innovation- came into being on September 27th, 2001, china’s open-end fund has made great progress in the following four years. In a competitive market, the performance of the capital funds will play an important role in the development of the更多还原