技术经济
技術經濟
기술경제
Technology Economics
2015年
3期
105~111
,共null页
开放式基金 损失厌恶 业绩激励 激励效率 激励机制
開放式基金 損失厭噁 業績激勵 激勵效率 激勵機製
개방식기금 손실염악 업적격려 격려효솔 격려궤제
open-end fund; loss aversion; performance incentive; incentive efficiency; incentive mechanism
基于行为金融理论,建立了投资者表现为损失厌恶情形下的开放式基金业绩激励模型,并考察了投资者的损失厌恶偏差对开放式基金业绩激励效率的影响。结果表明：在开放式基金的业绩激励机制下,损失厌恶型投资者在面对失败的投资结果时会低估基金经理的投资管理能力,进而低估投资的期望收益;在一定条件下,与完全理性型投资者相比,损失厌恶型投资者会导致业绩激励效率损失增大。
基于行為金融理論,建立瞭投資者錶現為損失厭噁情形下的開放式基金業績激勵模型,併攷察瞭投資者的損失厭噁偏差對開放式基金業績激勵效率的影響。結果錶明：在開放式基金的業績激勵機製下,損失厭噁型投資者在麵對失敗的投資結果時會低估基金經理的投資管理能力,進而低估投資的期望收益;在一定條件下,與完全理性型投資者相比,損失厭噁型投資者會導緻業績激勵效率損失增大。
기우행위금융이론,건립료투자자표현위손실염악정형하적개방식기금업적격려모형,병고찰료투자자적손실염악편차대개방식기금업적격려효솔적영향。결과표명：재개방식기금적업적격려궤제하,손실염악형투자자재면대실패적투자결과시회저고기금경리적투자관리능력,진이저고투자적기망수익;재일정조건하,여완전이성형투자자상비,손실염악형투자자회도치업적격려효솔손실증대。
Based on the behavioral finance theory,this paper sets up aperformance incentive model of open-end fund under the hypotheses that the investor show loss aversion,and studies the impact of the investor＇s loss aversion on the performance incentive efficiency of open-end fund.The results show as follows：affected by the performance incentive of open-end fund,the investor who takes on loss aversion would revise down his/her underestimates the abilities of fund manager and the expected investment return;in the given condition,comparing with the rational investor,the investor who takes on loss aversion would make the loss of performance incentive efficiency increased.
