CAJ | 학술논문

选取投资基金风险、收益、选股择时能力、绩效持续性和基金资产运作能力等5类共13个指标，利用层次分析法(AHP)建立基金绩效综合评价模型，并结合我国发行过的27只开放式基金在2001年9月26日到2013年9月26日的相关数据样本，对模型进行了实证研究。发现综合评价模型中收益率水平、风险水平和绩效持续性水平等指标占有较大权重；比较绩效排名发现综合评价模型既能克服风险收益权衡指标过于单一的不足，又能平抑指标决策过激的现象。
선취투자기금풍험、수익、선고택시능력、적효지속성화기금자산운작능력등5류공13개지표，이용층차분석법(AHP)건립기금적효종합평개모형，병결합아국발행과적27지개방식기금재2001년9월26일도2013년9월26일적상관수거양본，대모형진행료실증연구。발현종합평개모형중수익솔수평、풍험수평화적효지속성수평등지표점유교대권중；비교적효배명발현종합평개모형기능극복풍험수익권형지표과우단일적불족，우능평억지표결책과격적현상。
The fund performance comprehensive evaluation model is established by selecting 5 classes and 13 indicators of investment fund risk, income, ability of screen and selecting time, performance persistence, fund assets operation ability and so on, and using the analytic hierarchy process (AHP). Combined with the data sample in September 26, 2001 to September 26, 2013 of the 27 open-ended funds issued by China, the model is empirically researched. It found that the indicators of yield level, risk level and the level of performance persistence get large weight in the comprehensive evaluation model. Through comparing performance ranking, it found that comprehensive evaluation model can overcome the lack of risk benefit tradeoff index is too single, and can bring down the extreme decision-making of index.