發(fā)布時間：2018-01-01 13:40

  本文關(guān)鍵詞：證券投資基金的投資價值研究　出處：《云南師范大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 證券投資 投資價值策略 基金凈值 價值型基金

【摘要】：中國的證券投資基金起步于上世紀(jì)80年代末期。1992年11月，國內(nèi)第一支在上交所上市交易的證券投資基金-淄博鄉(xiāng)鎮(zhèn)企業(yè)投資基金經(jīng)中國人民銀行總行批復(fù)正式設(shè)立。有20多年發(fā)展歷史的證券投資基金經(jīng)歷了從無到有，從一般到成熟的過程。2012年6月7日，中國證券投資基金協(xié)會在北京召開成立大會暨第一屆年會，時任中國證監(jiān)會主席郭樹清發(fā)表了題為“我們需要一個強(qiáng)大的財富管理行業(yè)”為主題的精彩演講，標(biāo)志著中國基金業(yè)經(jīng)過這么多年的發(fā)展，，終于邁向了一個新的階段。然而面對當(dāng)前各種各樣的證券投資基金，廣大的中小投資者如何選擇具有投資價值的基金，如何才能獲得超額收益成了擺在他們面前的一大課題。當(dāng)前非常流行的投資價值理念、投資價值策略都是從外國引進(jìn)而來的，先前的國內(nèi)學(xué)者也從不同的角度、不同的方面對這些理論、策略都進(jìn)行了實(shí)證分析。事實(shí)證明這些理論對中國證券市場的價值投資也具有很好的指導(dǎo)意義。 對于價值投資者而言，基金的凈值與大盤走勢的變動關(guān)系是其投資的一個重要參考方面。傳統(tǒng)的價值投資理論能夠給投資者帶來超額利潤，這一點(diǎn)是毋庸置疑的，而價值投資理論的核心之處就在于對其有價證券的內(nèi)在價值進(jìn)行評估，對于基金來說評估內(nèi)在價值的其中一個很重要的因素就是基金的凈值以及累計凈值，本文挑選出幾只基金計算出他們近十年的長期趨勢序列、季節(jié)變動序列等通過檢驗(yàn)其與大盤走勢的關(guān)系，來判定其累計凈值，從而可以大概測算出其內(nèi)在價值是否被高估，是否具有投資價值。 這篇文章主要是選出符合經(jīng)典價值投資的幾支證券投資基金為代表，通過對比它們的單位平均凈值的長期趨勢序列與大盤指數(shù)的變動關(guān)系，來判斷這幾支基金是否遵從了價值投資理念，是否具有投資價值。這篇論文的分析主要是運(yùn)用實(shí)證分析的方法，通過定性以及定量的研究方式，綜合運(yùn)用宏觀經(jīng)濟(jì)、金融等領(lǐng)域的相關(guān)知識，對我國證券投資基金的投資價值進(jìn)行實(shí)證研究。首先介紹了國內(nèi)外學(xué)者對證券投資基金的投資價值研究分析文獻(xiàn)綜述，其中包括驗(yàn)證性的價值投資、對比收益性的價值投資、價值投資理念的研究等，其次介紹了價值投資的一些基本理念以及現(xiàn)階段我國證券投資基金的發(fā)展現(xiàn)狀；在實(shí)證研究方面，主要運(yùn)用時間序列長期趨勢來檢驗(yàn)基金的凈值與大盤的走勢關(guān)系，最后總結(jié)出一些針對投資者的具體建議。
[Abstract]:China's securities investment funds started on the end of -20s. November 1992. The first securities investment fund listed on the shanghai stock exchange-Zibo township enterprise investment fund was formally established by the central bank of the people's bank of china. The securities investment fund with a history of more than 20 years has experienced from nothing to existence. . From the general to the mature process. In June 7th 2012, the China Securities Investment Fund Association held the founding conference and the first annual meeting in Beijing. Guo Shuqing, then chairman of the China Securities Regulatory Commission, delivered an excellent speech entitled "We need a strong wealth management industry", marking the development of the Chinese fund industry over the years. Finally, it has entered a new stage. However, in the face of all kinds of current securities investment funds, the majority of small and medium-sized investors how to choose a fund with investment value. How to obtain excess income has become a major issue in front of them. The current very popular investment value concept, investment value strategy are imported from foreign countries, previous domestic scholars also from different angles. These theories and strategies have been empirically analyzed from different aspects, and the facts have proved that these theories have a good guiding significance for the value investment of China's securities market. For value investors, the relationship between the net value of the fund and the trend of the market is an important reference for its investment. The traditional theory of value investment can bring excess profits to investors. This is beyond doubt, and the core of the theory of value investment lies in the evaluation of the intrinsic value of its securities. One of the most important factors to evaluate the intrinsic value of the fund is the net value of the fund and the cumulative net value. In this paper, several funds are selected to calculate their long-term trend series in the past ten years. By examining the relationship between the seasonal variation series and the trend of the market, the cumulative net value can be judged, and the intrinsic value can be estimated to be overestimated or not, as well as the investment value. This article mainly selects several securities investment funds which accord with the classical value investment as the representative, and compares their long-term trend series of the unit average net value with the large market index change relations. To determine whether these funds comply with the concept of value investment, whether it has investment value. This paper mainly uses the empirical analysis method, through qualitative and quantitative research methods. Comprehensive use of macroeconomic, financial and other areas of relevant knowledge. Firstly, this paper introduces the domestic and foreign scholars' research and analysis of the investment value of securities investment funds, including the validated value investment. Secondly, it introduces some basic ideas of value investment and the present development status of securities investment fund in China. In the aspect of empirical research, we mainly use the long-term trend of time series to test the relationship between the net value of the fund and the trend of the market, and finally summarize some specific suggestions for investors.
【學(xué)位授予單位】：云南師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前1條

1 錢建豪;;基于DEA模型的我國開放式基金績效評價體系及其實(shí)證研究[J];當(dāng)代財經(jīng);2005年12期

本文編號：1364754