本文選題：私募基金 + 公募基金��； 參考：《西南交通大學(xué)》2013年碩士論文

【摘要】：近年來(lái),我國(guó)公募基金與私募基金兩者在證券基金市場(chǎng)上展現(xiàn)著越來(lái)越重要的地位。公募基金與私募基金是基金按照募集對(duì)象不同而分成的兩大類(lèi)。當(dāng)前公募基金作為原本基金市場(chǎng)的主體在不斷發(fā)展與壯大,而新興力量私募基金也出現(xiàn)了超乎尋常的發(fā)展速度,強(qiáng)有力地占領(lǐng)了證券市場(chǎng)的一席之地。雖然,私募基金目前還沒(méi)有完全實(shí)現(xiàn)合法化,但它作為基金市場(chǎng)的灰色地帶在我國(guó)證券市場(chǎng)中扮演著越來(lái)越重要的角色。 通過(guò)對(duì)基金業(yè)績(jī)的評(píng)價(jià)研究,能夠幫助市場(chǎng)上的個(gè)人與機(jī)構(gòu)投資者全方位的了解各基金業(yè)績(jī)的市場(chǎng)表現(xiàn),給他們的投資策略提供更理性的分析。本文通過(guò)比較分析私募基金和公募基金在市場(chǎng)不同走向時(shí)期的投資業(yè)績(jī),進(jìn)一步比較私募基金與公募基金的優(yōu)勢(shì)與劣勢(shì)。在借鑒國(guó)外已相對(duì)成熟的業(yè)績(jī)?cè)u(píng)價(jià)指標(biāo)與模型上,對(duì)我國(guó)私募基金與公募基金業(yè)績(jī)、業(yè)績(jī)持續(xù)性與兩類(lèi)基金經(jīng)理的選股與擇時(shí)能力通過(guò)實(shí)證研究得出相關(guān)結(jié)論,以便對(duì)個(gè)人投資者提供相關(guān)的投資策略,并且促使政府等監(jiān)管部門(mén)加強(qiáng)對(duì)兩者的平衡與管理,針對(duì)當(dāng)前私募基金與公募基金的發(fā)展現(xiàn)狀及存在的相關(guān)問(wèn)題進(jìn)行分析,為二者未來(lái)的發(fā)展提出相應(yīng)建議措施,促進(jìn)市場(chǎng)更加有效健康的快速發(fā)展。 研究方法上,本文采用了文獻(xiàn)分析法、數(shù)據(jù)統(tǒng)計(jì)法以及計(jì)量分析法。首先查閱國(guó)內(nèi)外對(duì)于私募基金與公募基金投資業(yè)績(jī)的文獻(xiàn),并對(duì)其進(jìn)行歸納總結(jié),提出當(dāng)前國(guó)內(nèi)外學(xué)者的研究重點(diǎn)和不足之處,為下面的進(jìn)一步研究作好準(zhǔn)備；然后,收集了我國(guó)私募基金和公募基金與業(yè)績(jī)相關(guān)的數(shù)據(jù),并進(jìn)行一個(gè)初步的加工整理；最后,采用基金月均收益率以及風(fēng)險(xiǎn)調(diào)整的業(yè)績(jī)?cè)u(píng)價(jià)指標(biāo),利用SPSS軟件回歸分析兩類(lèi)基金在不同時(shí)期內(nèi)的表現(xiàn),還研究了兩類(lèi)基金是否存在顯著的業(yè)績(jī)持續(xù)性特點(diǎn)以及兩類(lèi)基金經(jīng)理的是否具有顯著的選股與擇時(shí)能力,并得出相關(guān)結(jié)論。
[Abstract]:In recent years, both public funds and private funds in China are playing a more and more important role in the securities fund market. Public funds and private funds are divided into two categories according to different raising objects. At present, as the main body of the original fund market, the public offering fund is developing and expanding constantly, and the emerging force private equity fund has also appeared the unusual development speed, has occupied the stock market place powerfully. Although private equity funds have not been legalized at present, they play a more and more important role in China's securities market as the grey area of fund market. Through the evaluation of fund performance, it can help the individual and institutional investors in the market to understand the market performance of the fund performance, and provide a more rational analysis of their investment strategy. This paper compares the advantages and disadvantages of private funds and public funds by comparing and analyzing the investment performance of private funds and public funds in different market trends. On the basis of relative mature performance evaluation indexes and models abroad, this paper draws a conclusion through empirical research on the performance, performance persistence and stock selection and timing ability of private equity fund and public offering fund in China. In order to provide individual investors with relevant investment strategies, and urge the government and other regulatory authorities to strengthen the balance and management of the two, the current development of private funds and public funds and the existing problems are analyzed. This paper puts forward corresponding suggestions for the future development of the two and promotes the market to develop more effectively and healthily. On the research methods, this paper adopts the literature analysis, data statistics and econometric analysis. First of all, we refer to the domestic and foreign literature on the investment performance of private equity funds and public offering funds, and summarize them, and put forward the current research focus and deficiencies of domestic and foreign scholars, so as to prepare for the following further research. This paper collects the data of private fund and public offering fund related to performance, and carries on a preliminary processing. Finally, the performance evaluation index of average monthly rate of return and risk adjustment of fund is adopted. Using SPSS software to analyze the performance of the two kinds of funds in different periods, this paper also studies whether the two types of funds have significant performance persistence characteristics and whether the two types of fund managers have significant ability of stock selection and timing, and draws relevant conclusions.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F832.51

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