CAJ | 학술논문

通过一个多元固定影响模型对基金绩效的影响因素--基金特征、管理特性进行了分析.研究发现,在列出的7大类22个影响因素中,上一年度的基金超额收益、折价率、单位净资产、基金经理从业经历以及市净率是与基金绩效最密切相关的因素.前3个因素给基金绩效带来显著的积极影响,后2个因素与基金绩效有显著的负相关性.当投资者进行投资决策时,除了上述5个因素外,还要注意基金年龄和周转率,其会对基金绩效产生消极影响.此外,基金绩效在样本观察期内也表现出了明显的持续性.？投资风格;绩效持续性;多元固定影响模型;基金经理
통과일개다원고정영향모형대기금적효적영향인소--기금특정、관리특성진행료분석.연구발현,재렬출적7대류22개영향인소중,상일년도적기금초액수익、절개솔、단위정자산、기금경리종업경력이급시정솔시여기금적효최밀절상관적인소.전3개인소급기금적효대래현저적적겁영향,후2개인소여기금적효유현저적부상관성.당투자자진행투자결책시,제료상술5개인소외,환요주의기금년령화주전솔,기회대기금적효산생소겁영향.차외,기금적효재양본관찰기내야표현출료명현적지속성.？투자풍격;적효지속성;다원고정영향모형;기금경리
The fund-specific characteristics and managerial attributes influencing fund performance were analyzed through a multiple factors fixed-effects model. The result showed that among 22 factors of 7 listed kinds, the performance, unit net asset and devaluation rate of last year impacted on the fund performance positively and remarkablely and the working experience of fund managers and P/B did on the performance negatively. Furthermore, fund age and turnover rate affected also the fund performance negatively. Finally, the fund performance exhibited significant persistence during the evaluation period.