我国证券投资基金投资管理行为成熟性研究

本文首先从理论上论证了衡量证券投资基金投资管理行为是否成熟的标准之一，是考察其实际投资组合所承担的风险与所获得的收益是否匹配；在此基础上，以54家封闭式基金为例，对其投资管理行为是否成熟进行了实证检验。研究发现，一部分基金（占样本的46．3％）的行为是成熟的，同时大部分基金（其余53．7％）的行为具有适应性。换言之，本研究从风险与收益的匹配性视角并没有支持目前大多数研究认为的我国基金行为不成熟这一定性判断。

On Maturity of China Securities Investment Fund

This paper intends to present a theoretical basis to judge the maturity of a securities investment fund, namely the extent to which the potential risks of the investment portfolio is matched with potential profits. Based on this theory and corresponding parameter setting, the author takes for an empirical study 54 closed-end fund management corporations. The study indicates that 46.3% of the companies are mature in their investment behavior and 53.7% of them are adaptive. The result does not endorse the conclusion made by majority research institutions in China of the immaturity of China investment industry.