证券投资基金绩效评估模型及其实证应用

本文主要应用国外证券投资基金业绩评价中比较普遍采用的单因素业绩评价模型对我国的证券投资基金业绩进行实证研究。实证研究的结果表明:从整体来看,没有充分的证据表明我国封闭式证券投资基金的业绩超越了基准指数的表现,并对这一现象进行了简要的分析。     

债券型基金的投资绩效考核方法浅析

近年来我国债券基金的发展迅速,尤其是在金融危机的末期,各种经济因素出现一定不确定的情况下,债券型基金总体仍然表现良好。通过对债券基金投资绩效的研究我们可以看到债券基金和股票等其他理财方式投资效果的差异,也有助于投资者更科学地评估基金公司的投资效益。本文介绍了詹森指数、夏普指数等基金绩效评价指标,并针对我国债券型基金的发展提出建议。     

Evaluating mutual fund performance in an emerging Asian economy: The Malaysian experience

This paper examines the performance of 311 mutual funds from January 1990 to December 2005 in Malaysia by using composite portfolio performance measures, the single market model, the Fama and French three-factor model, and the Carhart four-factor model across investment horizons. Overall, we have found evidence that mutual fund performances yield superior returns with relatively lower systematic risks. A 3-year investment appears to be the preferred investment horizon with the highest annualized returns of 9.23%. The results of the single market model, the Fama–French three-factor model, and the Carhart four-factor model have all indicated that beta, size, book-to-market value, and momentum factors are significant factors in explaining equity fund returns with the Carhart four-factor model being the relatively better model among the three. The beta factor has demonstrated the highest coefficient and significance. The results further indicate that the average equity funds in Malaysia hold smaller market capitalization stocks and value oriented stocks, as well as buying past-winning and selling past-losing stocks.     

The effect of common bond on credit union performance: The case of black-controlled credit unions

This article compares the financial characteristics of black-controlled credit unions by type of common bond. The study found that many of the operational differences of these credit unions can be attributed to institutional characteristics associated with the three distinct types of credit unions. It also found that black credit unions are viable financial institutions, regardless of type of common bond. This finding is linked to the ownership of credit unions by its membership. This unique relationship has implications for black economic development.     

基于“企业关系需求层次论”的关系营销实践研究

中国投资基金发展已近十年 ,日渐成熟 ,但也有待进一步成长。本文概括了中国基金业现存的四个主要问题 ,比较了与发达国家的差距 ,并运用经济学原理对此进行分析、总结 ,最后提出了入世后中国投资基金应采取的策略     

中国债券市场的历史性选择

提出问题的背景 纵观我国债券市场发展的轨迹,可以发现,中国债券市场的发展历程充满了曲折和波澜.20世纪80年代中后期,我国早期的债券市场从实物券场外柜台交易起步.90年代初,以上海证券交易所成立为代表,出现了集中交易.在实物券托管结算系统出现风险后转变为记账式债券,90年代中期,国债期货交易如火如荼,在风险高度集中,防范不及的情况下,上交所发生了"3.27"事件.叫停国债期货交易后,场内债券交易开始趋向低迷.1997年6月,银行间债券市场应运而生,我国场外债券市场开始成型.     

The impact of the global economic crisis on sovereign wealth funds

This paper analyses the effects of the recent global economic crisis upon sovereign wealth funds (SWFs). Since mid-2007, SWFs have experienced significant portfolio losses, a decline in fund inflows, and enhanced scrutiny from their own governments. SWFs have been utilised for sovereign stabilisation programs and have helped finance troubled Western banks. SWFs and the IMF have also created a set of best practices known as the Santiago Principles. From these developments, many SWFs have moved to relatively shorter investment time horizons and more liquid holdings, revamped their transparency and management, experienced a temporary improvement in their images, begun to hold controlling stakes in major Western corporations, and have improved their coordination with institutional investors and other SWFs. Going forward, these changes, alongside the relatively strong post-crisis asset position held by SWFs in comparison to other asset vehicles, make SWFs well-positioned to play an even more prominent role in global finance.     

债券投资风险及控制

债券投资的风险控制方法主要有两种:一种是通过合约的完备、制度的建设和相关的法律措施,这主要是针对信用风险.一种是运用相关的金融产品来进行风险的对冲或回避,这主要适用于防范价格、汇率和流动性风险.     

我国开放式基金规模确定模型初探

通过对美国共同基金关于基金规模的数学模型分析,我们发现基金规模与基金经理人能力和流动性赎回密不可分。从美国的有关模型分析与优秀经验来谈我国为确定基金规模所采取的措施:首先讨论了保证基金管理人发挥其能力的一些政策性建议,其次讨论了减少流动性赎回所采取的措施。     

Fed funds futures and the news

The objective of this paper is to determine whether the observed variation in the response of market interest rates over the 1990s to the news about employment is a result, at least in part, of changes in expectations for monetary policy. Fed funds futures rates, which embody predictions for the expected monthly average of the daily effective funds rate, are used to capture market participants' expectations for monetary policy in the face of employment surprises. It is found that unanticipated employment announcements have a positive and statistically significant impact on one- and three-month-ahead fed funds futures rates and the size of the impact declines over the 1990s, thereby coinciding with a noticeable decline in the frequency of adjustment in the fed funds target rate.     

当前利用外资的新方向

我国实际利用外国直接投资的累计金额,至2000年底已达3446.4亿美元。近年来流入规模之大仅次于美国,位居世界第二,其质量也有所提高,这在出口商品的结构中反映最为明显。近两年高新技术产品出口增幅均高达20％以上,在出口总额中已占15％～16％,外资企业对此起了很大作用,可见吸收外资对产业升级和优化结构具有重要意义。入世后我国投资环境当更趋完善,但仍有一系列不确定因素影响外资流入,为此必须针对当前世界资本流动的特点和跨国公司的战略动向,及时校正引资方向。     

开放式基金风险收益分析及产品设计

开放式基金是证券投资基金中的一种重要方式,代表着我国基金业未来的发展方向.开放式基金对于基金管理公司来说,是机遇,也是挑战.在投资理念、市场营销、风险控制等许多方面将有别于目前的封闭式基金.其中的产品设计更是基金管理公司业务发展的基础性工作.一条结构合理的产品线能够在相当程度上保证基金公司管理的资产规模的稳定性.     

Massive transfers and mutual interests

The second ‘oil shock’ and associated changes in prices of manufactures that started to disturb the world economy at the end of 1978 have brought a deficit in the balance of payments of most of the South that appears chronic. However, its effects on patterns of production and consumption are by no means wholly harmful. If there were massive resource transfers to the South, these would perpetuate a pattern of growth which is simultaneously oil-intensive and in general inegalitarian. They would permit the NICs to service their now considerable debts to private companies and threaten the economies of the North, especially in view of the limits to world oil consumption in the next few years.     

The bond market and the legitimacy of Vichy France

During World War II, the spread between the 3 percent rentes and the Vichy government bonds reflected French investors’ perception of the shifting fortunes of war and the willingness of future post-war government to repay the debt issued by the collaborationist regime. Structural breaks in this spread do not always match with the dates of major military events but are more closely related to the political ones, emphasizing the struggle for legitimacy by rival claimants to power.     

试论我国证券投资基金稳定市场的功能

稳定市场是证券投资基金 (以下简称“证券基金”)的功能之一 ,但在我国的证券市场上基金稳定市场的功能能否有效发挥呢 ?从我国证券投资基金的投资期限分析中我们发现 ,我国的证券基金以中线投资为主 ,市场的不规范和其狭窄的投资渠道决定了基金很难进行理性投资 ,进而使得基金稳定市场的功能失效。因此 ,加强证券监管 ,为基金提供良好的发展环境才是完善基金稳定市场功能的有效途径。     

科研经费诚信化管理研究

随着科研经费的投入不断加大,给予科研人员较大的自主权的同时,要加强对科研经费的管理,近年来科研诚信一词被频繁提及,科研经费使用的诚信问题也被广泛关注。文章通过总结科研经费使用不端的几点行为,并根据相关的行为从政策管理角度和科研人员个人角度分析了科研经费使用不端现象出现的原因,梳理了我国目前有关科研经费诚信管理的相关举措和发达国家的有关经验,最后就如何加强我国科研经费诚信化管理提出了建议。     

基于信息技术的网络组织研究

稳定市场是证券投资基金 (以下简称“证券基金”的功能之一 ,但在我国的证券市场上基金稳定市场的功能能否有效发挥呢 ?从我国证券投资基金的投资期限分析中我们发现 ,我国的证券基金以中线投资为主 ,市场的不规范和其狭窄的投资渠道决定了基金很难进行理性投资 ,进而使得基     

我国发展债券基金的可行性研究

债券基金是一种以债券为投资对象的证券投资基金，它通过集中众多投资者的资金，对债券进行组合投资，寻求较为稳定的收益。发散投资、专业管理、收益共享等特征，还具有流动性强、安全性高和收益稳定等优点。本文在探讨我国发展债券基金意义的基础上，对我国发展债券基金的市场基础、市场需求和债券基金组织形式等一系列问题进行可行性研究。