我国开放式基金业绩评价指标体系的构建

投资基金业的规范与发展要求建立一个健康的运行环境 ,同时也迫切地呼唤构建一个科学的评价指标体系 ,公平、合理地考核基金经理的经营管理能力。我国的投资基金才刚起步 ,目前对投资基金业绩评价的研究尚处于萌芽状态。如何借鉴国外成熟的评价方法和指标 ,结合我国证券市场的现实给出科学、合理的评价方法和指标体系是一件十分有意义的工作。一、开放式基金的收益评估由于开放式基金随时都要接受投资者的赎回 ,投资者买卖基金单位的价格基本上就等于基金最近公布的资产净值 ,因此用净值增长率来反映基金的投资收益对于开放式基金来说是比较…     

上海证券市场投资基金绩效评估实证研究

一、引言 无论是从中国股市的发展政策,还是海外成熟股市投资者结构来看,机构化是股市投资的不可逆转之势,而投资基金将成为这场机构化进程的主力“前锋”。参与基金投资的群体越来越大,市场亟需规范科学的基金绩效评价方法和体系,一方面为普通投资者在选择投资对象时提供参考,另一方面也为基金管理公司评价本公司的基金业绩提供依据。本文利用Jensen指数评估模型和Treynor-Mazuy模型,对沪市的10只投资基金绩效进行评估。实际上,要全面衡量一个基金的整体业绩是非常复杂的,基金业绩的好坏当然与整个证券市场的行情密不可分,因此,为客观公正地评估基金之间的业绩差异,剔除系统风险的影响是非常必要的。基金的投资对象及组合是影响基金业绩的关键因素,因此评价不同基金的绩效水平应以此作为分析对象。另外,导致基金业绩评估复杂的原因还在于不同的投资风格所带来的不同管理费用,从而使基金价格和它的净值通常是不一致的。因此,为更综合全面地评估各基金业绩,本文利用基金净     

发展我国电力投资基金的战略研究

建立电力投资基金是我国电力产业和经济发展的需要;当前建立电力投资基金的时机基本成熟;电力投资基金的运作要选择好发起人、托管人、经理人、基金种类和募集方式,并确定基金的投资范围。     

基金经理，在遍布宝藏与荆棘的道路上前行——评长篇财经小说《基金经理》

《基金经理》是当代中国第一部描述证券投资基金行业现状和内幕的财经小说。全书以写实的笔法反映出当前国内基金行业如何快速发展，并对基金行业所暴露的各种问题，例如基金的利益输送、变相承诺收益、刻意控制业绩、夸大产品宣传等，进行了深刻的揭露和严肃的批评。当一幕幕惊人的场景呈现在我们面前，对于披着价值投资外衣的证券投资基金，其真实背景究竟如何，或许只有像作者这样混在圈子里的人才能够告诉我们真正的答案。     

地方政府出资产业投资基金的运营研究

<正>近年来,各级政府纷纷出资设立产业投资基金。从国家部委层面来看,有国家制造业转型升级基金、国家集成电路产业投资基金、国有企业结构调整基金等;从各地方政府层面来看,省市县各级政府设立政府出资产业投资基金,已经成为聚合社会资本、发展地方经济的重要手段。本文旨在对地方政府出资产业投资基金的运营进行分析,对其实践发展中的问题进行深入剖析。一、地方政府出资产业投资基金的设立目标(一)资本招商的重要手段2014年开始国     

基于我国上市公司的KMV模型研究

本文选择了30家沪深上市公司作为实证分析对象,并将其分为三种类型:优良业绩、中等业绩和较差业绩,其中每类公司各10家.通过对三类上市公司违约距离与理论违约概率的计算分析,得出KMV模型在我国是基本适用的.在此基础上,将KMV模型与现行商业银行信用风险度量方法比较,进而阐明KMV模型的优越性及弥补其不足的方法.     

从监管角度看我国投资基金的发展

●投资基金起源于 186 8年的英国 ,又称共同基金或单位信托。其以方便投资、专家管理、分散风险、利益共享的独特魅力 ,以及在促进证券市场的发展 ,促进资本形成 ,优化产业结构 ,培植新的经济增长点中的积极作用 ,受到各国政府和投资者的广泛关注 ,得到了迅速发展。所谓投资基金监管是指基金监管主体运用一定的监管手段和方法对投资基金的发起、运作和管理全过程 ,进行全面的、全方位的监督、检查、控制和管理 ,以保证投资基金正常有序发展的一切活动的总称。基金监管是基金发展的基础和保证 ,基金的发展又离不开有效的监管 ,两者相互之间是…     

基金

基金法修改草案征求意见 备受关注的《证券投资基金法》修订工作取得阶段性成果。修订草案将监管范围拓宽至私募基金,私募股权投资基金、风险投资基金等机构,并放宽基金从业人员买卖证券．公募基金投资重大利益相关方股票等限制,允许员工持股计划。这意味着此次修改将私募基金、PE、VC、券商集合理财计划、信托、     

中国证监会发布关于制定证券投资基金规范运作指导意见的通知

中国证监会日前发布了《关于制定证券投资基金规范运作指导意见的通知》，同时颁发了《证券投资基金规范运作指导意见第一号——基金管理公司章程制定指导意见》。这意味着以《证券投资基金规范运作指导意见》形式的层次分明、内容协调的基金监管法规将陆续出台。《通知》指出，自《证券投资基金管理暂行办法》颁布以来，证监会先后颁布实施了《证券投资基金管理暂行办法》实施准则１—６号及其他有关规定，这些规定对保障基金规范、有序发展发挥了重要作用。但随着基金业和证券市场的发展，上述有关规定在法规形式和内容上逐渐暴露出一些与…     

上证50ETF的跟踪误差分析及成因解析

本文以上证50ETF作为研究对象,选取2005-2007年的日收盘数据构建数据样本,从实证的角度计量上证50ETF对其目标指数即上证50指数的跟踪误差变化及波动特征,并深入探讨造成跟踪误差变化和波动的主要成因,进而对未来我国交易所交易基金(ETF)以及指数型投资基金的产品设计、运作机制以及和相关的制度安排提出建议.     

Toward sustainable practices in technology education

This paper discusses the problematic relationship between technology education, consumption and environmental sustainability. The emerging global sustainability crisis demands an educational response that moves beyond mere ‘tinkering’ with classroom practices, toward technology education which embraces life cycle thinking and ‘eco-innovation’. It will argue that the urgent transformation to technology education for sustainability citizenship must begin with a critical examination of existing practices and assumptions which underpin unsustainability. The initial context for this discussion will be technological education in Canada and the United States, in particular a recent national report on the assessment of technological literacy. The paper concludes by suggesting several ‘new paths’ forward to move technology education toward more sustainable practices and more relevance for young people.     

Schumpeter's ghost: Is hypercompetition making the best of times shorter?

At the center of Schumpeter's theory of competitive behavior is the assertion that competitive advantage will become increasingly more difficult to sustain in a wide range of industries. More recently, this assertion has resurfaced in the notion of hypercompetition. This research examines two large longitudinal samples of firms to discover which industries, if any, exhibit performance that is consonant with Schumpeterian theory and the assertions of hypercompetition. We find support for the argument that over time competitive advantage has become significantly harder to sustain and, further, that the phenomenon is limited neither to high‐technology industries nor to manufacturing industries but is seen across a broad range of industries. We also find evidence that sustained competitive advantage is increasingly a matter not of a single advantage maintained over time but more a matter of concatenating over time a sequence of advantages. Copyright © 2005 John Wiley & Sons, Ltd.     

Educating for environmental sustainability and educating for creativity: actively compatible or missed opportunities?

This paper identifies the importance of both creativity and environmental sustainability for developing individual learners and society as a whole. It suggests that sometimes these two concepts appear to be in tension and that, politically, each is often championed by different communities. The relationship between creativity and environmental sustainability is explored in three separate contexts: in a design and technology schools context where teenage learners are being facilitated to develop creative responses within design briefs that include environmental considerations; through interviewing student teachers who have undertaken an ecodesign project; and through interviews with professional ecodesign practitioners. The tensions, compromises and contradictions evident where there is limited experience of environmental issues is contrasted with the level of optimisation and creativity engaged when designers have more maturity in this area. Finally, some suggestions are made for taking forward creativity and environmental sustainability in technology education through an ecodesign capability approach.

Stakeholder influences on sustainability practices in the Canadian forest products industry

We examined how managers' perceptions of different types of stakeholder influences in the Canadian forestry industry affect the types of sustainability practices that their firms adopt. Both influences involving withholding of resources by social and ecological stakeholders and those involving directed usage of resources from economic stakeholders were found to drive such practices. We found that the industry and its stakeholders have moved beyond a focus on early stages of sustainability performance such as pollution control and eco‐efficiency. However, more advanced practices, such as those involving the redefinition of business and industrial ecosystems where firms locate in a region so that they can exchange and utilize wastes generated by other firms, are in their infancy. Stakeholders and firms in the industry are focused on the intermediate sustainability phases involving recirculation of materials and redesign of processes including sustainable harvesting of lumber. Copyright © 2004 John Wiley & Sons, Ltd.     

Stakeholder relations and the persistence of corporate financial performance

We examine the effect of a firm's relations with its nonfinancial stakeholders, including its employees, suppliers, customers, and communities, on the persistence of both superior and inferior financial performance. In particular, integrating and extending the resource‐based view of the firm and stakeholder management literatures, we develop the arguments that good stakeholder relations not only enable a firm with superior financial performance to sustain its competitive advantage for a longer period of time, but more importantly, also help poorly performing firms to recover from disadvantageous positions more quickly. The arguments are supported by the analysis of a series of first‐order autoregressive models. Our findings further suggest that the positive effect of good stakeholder relations on the persistence of superior performance is not as strong as that of some other firm resources, such as technological knowledge, but it is the only factor examined that promises to help a firm recover from inferior performance. Therefore, the role of positive stakeholder relations in helping poorly performing firms recover is found to be more critical than its role in helping superior firms sustain their performance advantage. Copyright © 2009 John Wiley & Sons, Ltd.     

面向可持续性的煤炭消费革命探讨

作为一种最先大规模使用的化石能源,煤炭在早期工业革命和当今发展中国家的工业化中发挥了重要的作用。与工业革命时期相比,当前煤炭消费的政治、技术、经济、生态环境都发生了深刻的变化,煤炭消费革命势在必行。以能源可持续发展为背景,探讨了煤炭能源的变革过程,将煤炭能源的历史使命概括为:推进工业化→减量洁净化→淡出能源舞台,认为中国煤炭消费革命的核心是"控量""洁净",具体表现为煤炭消费环境的变革、煤炭消费观念的更新、煤炭消费规模的控制、煤炭消费技术的革命、煤炭消费效率的提升等。     

Teacher’s Interpretation of Sustainable Development

This paper describes an exploratory research project conducted with forty-five technological studies teachers in Ontario concerning their understanding and perceptions of the concept of sustainable development. The results indicate that pre-service teacher education programs need to spend more.     

The dynamics of wealth,profit, and sustainable advantage

This paper shows how idiosyncratic resources can drive sustained profitability and persistent heterogeneity under competitive conditions. Generic inputs purchased in the market become idiosyncratic resources as the result of firms' investments in customization. Analytically, we show how heterogeneous firms coexist in equilibrium as a function of customization costs. Computationally, we show that sustainable profits can emerge without ‘monopolistic’ imperfections. We consider how capability heterogeneity, resource customization cost, and ease of expansion interact to drive short-run and sustainable profits. Our results illustrate that sustainable profits may represent a small part of the total wealth created over time by a firm or industry, and that changes in factors shaping a sector's evolutionary trajectory may be more important than changes in factors that determine profits' ultimate sustainability. Copyright © 2012 John Wiley & Sons, Ltd.     

Environmental sustainability in fashion supply chains: An exploratory case based research

In recent years, both researchers and practitioners have devoted attention to environmental sustainability issues in the fashion industry, but, despite the topic's relevance, a structured analysis of the problem is missing.This paper presents the results of exploratory case-based research aimed at identifying three factors: the drivers that push companies to adopt “green” practices, the different practices that can be used to improve environmental sustainability, and the environmental KPIs measured by fashion companies. Results include a comparison of two approaches pursued by established international companies with green-positioned brands with the efforts of small firms that have adopted alternative supply chain models.