本文關(guān)鍵詞：我國QDII基金投資績效影響因素分析　出處：《廣西大學》2017年碩士論文　論文類型：學位論文

  更多相關(guān)文章： QDII基金 投資績效 影響因素

【摘要】：合格境內(nèi)機構(gòu)投資者(QDII)是指在資本市場尚未完全開放下,在一國境內(nèi)設(shè)立,經(jīng)國家有關(guān)部門的批準,允許境內(nèi)機構(gòu)投資者投資境外資本市場的債券、股票等有價證券投資業(yè)務(wù)安排下的投資機構(gòu)。目前,我國個人投資者不能直接到海外投資,只能通過QDII機構(gòu)的產(chǎn)品間接到境外投資,QDII機構(gòu)產(chǎn)品主要包括銀行系QDII、基金系QDII(也稱為QDII基金)、保險系QDII等,其中基金系QDII占比最大。因此,研究QDII基金海外投資的情況,對QDII基金投資績效和風險進行評價,剖析投資績效和風險的影響因素,對進一步完善QDII基金和QDII2發(fā)展具有理論價值和現(xiàn)實意義,可以為我國資本在海外開展金融投資提供經(jīng)驗。本文基于基金投資組合和跨國投資理論,分析了我國QDII基金發(fā)展情況,并與非QDII基金業(yè)績進行對比評價,發(fā)現(xiàn)從2008-2015年,QDII基金投資績效落后于非QDII基金。但2008年金融危機期間,QDII基金投資績效要好于非QDII基金,且總體風險也較小。為了探究何種因素是影響QDII基金投資績效和風險的主要因素,基于QDII基金的特點,本文選取人民幣匯率、市場指數(shù)變化、行業(yè)集中度和區(qū)域集中度等四個重要指標,實證研究其對我國QDII基金投資績效和風險的影響,在控制基金規(guī)模、基金家族規(guī)模、費用率、基金成立時間等變量后發(fā)現(xiàn),總體上,人民幣匯率、市場指數(shù)變化、行業(yè)集中度對QDII基金投資績效顯著為正,而區(qū)域集中度對基金績效無顯著影響。同時,還發(fā)現(xiàn)人民幣匯率、市場指數(shù)變化、行業(yè)集中度和區(qū)域集中度對不同投資區(qū)域的影響存在差異。最后,在此基礎(chǔ)上,從政府和監(jiān)管機構(gòu)、機構(gòu)投資者、個人投資者等角度提出促進QDII發(fā)展的建議。
[Abstract]:QDII (qualified domestic Institutional Investor) is a bond that is established in the territory of a country under the condition that the capital market has not been completely opened, and the domestic institutional investor is allowed to invest in the overseas capital market with the approval of the relevant departments of the state. At present, individual investors in China can not directly invest overseas, but only indirectly invest overseas through the products of QDII institutions. QDII institutional products mainly include QDI, QDI, QDI (also known as QDII fund, insurance QDII, etc.), in which the proportion of QDII is the largest. This paper studies the overseas investment of QDII fund, evaluates the investment performance and risk of QDII fund, and analyzes the influencing factors of investment performance and risk. It is of theoretical value and practical significance to further improve the development of QDII fund and QDII2. This paper analyzes the development of QDII funds in China based on the theory of fund portfolio and transnational investment. Compared with the performance of non-QDII funds, it is found that the investment performance of QDII funds lags behind that of non-QDII funds from 2008 to 2015, but during the financial crisis in 2008. The investment performance of QDII fund is better than that of non-#en1# fund, and the overall risk is relatively small. In order to explore which factors are the main factors that affect the investment performance and risk of QDII fund. Based on the characteristics of QDII funds, this paper selects four important indicators, such as RMB exchange rate, market index change, industry concentration and regional concentration. Empirical study of its impact on the investment performance and risk of QDII funds in China, in the control of the size of the fund, fund family size, cost rate, fund establishment time and other variables found that, overall, the RMB exchange rate. Market index changes, industry concentration is significantly positive to the investment performance of QDII funds, but regional concentration has no significant impact on fund performance. At the same time, it is found that RMB exchange rate and market index change. The influence of industry concentration and regional concentration on different investment regions is different. Finally, on this basis, from the government and regulatory agencies, institutional investors. Individual investors and other points of view to promote the development of QDII proposals.
【學位授予單位】：廣西大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51

【參考文獻】

相關(guān)期刊論文 前10條

1 李菲;楊孫蕾;;我國QDⅡ投資風險分析與控制[J];會計之友;2016年04期

2 劉春奇;;基于四階段DEA和Bootstrapped DEA的我國QDII基金績效評價[J];財會月刊;2015年02期

3 金輝;詹崇鶴;曹艷卡;;我國QDII基金業(yè)績評價及影響因素實證分析[J];杭州電子科技大學學報;2013年06期

4 張s，

本文編號：1440915