证券ABC

１ 证券投资基金的概念和特点。证券投资基金（以下简称基金）是一种利益共享、风险共担的集合投资形式。它通过发行基金证券 ,集中投资者的资金 ,由基金托管人托管 ,主要从事股票、债券等金融工具的投资。基金的特点是集合投资 ,分散风险 ,专家管理。２ 基金所属类型。按基金证券的赎回方式 ,基金有开放型和封闭型之分。开放型基金允许投资者随时将基金证券变卖为现金 ;封闭型基金是指投资者在规定的封闭期限内不能要求基金公司赎回基金证券 ,而只能在二级市场上出售。３ 基金的投资组合。（１）货币市场基金主要投资于商业票据、国库券等…     

利用产业投资基金促动房地产抵押证券化

一、我国产业投资基金的发展 产业投资基金是一种以直接投资产业为主,汇集不特定多数且具有共同投资目标的投资者的资金,委托专门的投资机构进行投资,借以分散风险并享有投资收益的一种基金。我国的基金业起步于1991年,经过十几年来的发展,绝大部分的投资基金是证券投资基金,真正属于产业投资基金的很少。到1994年4月,《产业投资基金管理暂行办法》形成送审稿并报国务院法制局审理,我国产业投资基金的发展才有所突破。     

什么样的基金适合你

根据投资对象的不同，证券投资基金可分为：股票型基金、债券型基金、货币市场基金和混合型基金等。从投资风险角度看，几种基金给投资人带来的风险是不同的，如表所示。     

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…     

我国资本市场与证券投资基金规模互动的实证分析

理论分析表明资本市场与证券投资基金之间在规模上存在互相促进、共同发展的良性互动,而实践经验却同时显示出相反、令人难以理解的现象.本文对我国证券投资基金总净值与资本市场流通总市值的自1999-2006年底相关数据进行格兰杰因果检验,以期对我国资本市场与证券投资基金规模互动关系进行客观评价、分析.     

谈谈证券投资基金

着我国证券市场的发展，适应大众投资需求的各种证券品种日益丰富。证券投资基金则是这些投资中规模越来越大的一个。截止到今年４月１５日，我国已上市的证券投资基金有５５只，其中封闭式基金５１只，开放式基金４只，总规模达７００多亿份。但与发达国家相比，我国的证券投资基金无论在规模上还是在品种上，都还只是处于起步阶段。以美国为例，截止到２０００年底，其投资基金总值为６．９７万亿美元。其中股票投资基金３．９６万亿美元，债券投资基金８０８０亿美元，货币市场投资基金１．８５万亿美元，混合投资基金３５００亿美元。持…     

成长中的基金

投资基金有100多年的历史．目前，全球投资基金业已经发展成为与银行业、保险业鼎足而立的三大金融产业之一。我国也在90年代初开始了投资基金的探索与实践，1993年8月，淄博基金在上海证券交易所公开上市；2001年9月，成立了我国第一只开放式证券投资基金——华安创新；至2005年年底。我国基金管理公司数量已达到52家，证券投资基金超过220只，资产总规模在5000亿份左右。     

电力职工如何进行证券市场投资

作为一名电力企业职工 ,平时工作繁忙 ,对证券知识不一定了解很多 ,更是少有机会随时关注股市变化 ,在这种情况下应如何进行证券市场投资呢？建议从两方面来把握。一、投资品种的选择目前沪深两市可供自然人投资的品种有 :股票、基金、证券投资基金、企业债券、可转换企业债券、国债等。由于证券的性质、偿付保障主体的不同 ,致使这些证券的投资风险不同。其中 ,股票的风险性最高 ,而国债是由国家财政作为偿付保障 ,其风险性最小。一般来说 ,风险和收益成正比 ,所谓“高风险高收益”、“富贵险中求”就是这个道理。把钱放在银行是最安全的 ,…     

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。     

那些曾经流行的观念与思想

这些书或者迎合了人们当时的阅读期待,或者点燃了人们的思想火花。《资本运营论》赵炳贤在计划经济的词汇里,投资只同基本建设有关,没有证券、股票、债券,没有证券投资基金和产业投资基金,没有BOT和项目融资,也没有企业并购重组和产权交易,当然更没有资本市场     

我国证券投资者保护基金制度的创新与不足

证券投资者保护基金制度的建立,是我国金融安全网体系建设中的重大制度创新,但同时该制度的设计中也存在道德风险、证券公司经营失败成本分配不合理、政策缺乏连续性等不足。对现行保护制度的反思与改进,必将进一步推进证券投资者保护事业的发展和完善。     

Can Fund Managers Select Outperforming REITs? Examining Fund Holdings and Trades

Despite at least six empirical studies published since 2000 designed to assess fund managers’ Real Estate Investment Trust (REIT)‐selection ability, their skill remains in question. Unlike previous studies, we examine fund holdings and trades of REITs to answer this question. This approach allows us to explicitly account for portfolio rebalancing that alters REIT‐characteristic weights of fund portfolios. Results show that fund managers, after controlling for property type, size and momentum, generated significant positive alpha with their securities‐selection ability. To understand the sources of such ability, we examine whether fund managers who followed certain trading strategies outperformed relative to other managers. The potential trading strategies are based on public information related to geographic concentration, net‐asset‐value‐to‐price ratios, income and appreciation styles and leverage of the underlying REITs. Comparative and regression analyses show that none of the strategies fully explains why fund managers were able to select REITs that outperformed. We surmise that the outperformance mainly derives from the endemic abilities of managers to uniquely process REIT‐specific information and generate private valuation beliefs that lead to profitable investment decisions.     

我国主权财富基金的投资方向选择问题——基于国家利益原则的战略视角

我国主权财富基金的成立引起了全世界的关注,而事实上的投资实践并不成功。有关主权财富基金的投资一般仅仅被理解为化解巨额外汇储备风险,在世界范围内(特别是美国等发达国家)寻求具有稳妥收益的债券投资,而实际上美元贬值及国际金融危机等金融波动却造成巨额亏损。主权财富基金投资方向选择越来越成为重要的战略问题。本文从现阶段我国的国家利益原则出发,提出主权财富基金的投资方向主要是对外直接投资。通过对外直接投资为我国工业化发展提供稳定的基础资源(特别是能源)和技术供应,为国内企业走出去提供资金支持,从而获得国内产业升级和结构优化,实现国民经济的可持续发展和福利最大化。本文对直接投资的可行性进行了动态博弈分析,提出了主权财富基金参与对外直接投资的可行性由东道国对其收益与风险的衡量决定的观点。     

政府创业投资引导基金管理模式的选择

政府创业投资引导基金的管理模式分为委托管理和自我管理模式,在管理模式的选择上应当充分考虑这两种管理模式的优缺点,并从政府层面和市场层面分析管理模式选择的影响因素。通过理论分析和对山东省政府创业投资引导基金管理模式选择的案例研究,提出了政府创业投资引导基金管理模式选择的基本原则。     

我国煤炭上市公司股价的投资分析研究

分析了我国证券市场煤炭上市公司股票评估的现状和问题,建立了适合投资者的投资评估模型,以给投资者提供更直观的投资指标。     

Real Estate Fund Openings and Cannibalization

This article examines the trade‐offs in launching new real estate funds, specifically open‐end, direct‐property funds. This investment vehicle, which is designed to provide the risk‐return benefits of private market real estate, is available to retail investors in a number of countries. At the same time, these funds are also subject to liquidity risk, because they hold an inherently illiquid asset in an open‐end structure. This format presents fund‐family managers with unique challenges, particularly with the decision to open new funds. The data consist of 2,127 German fund openings across 76 fund families in 12 asset classes over the 1992–2010 period. Including a wide range of asset classes allows for a comparison between real estate and other investment objectives. We find a substantial cannibalization effect across the existing real estate funds of a family, while we note the opposite effect—i.e., flows into existing funds increase following a fund opening within the same objective—for all other asset classes. Our analysis of fund opening determinants shows that inflows mitigate the cannibalization risk for new real estate funds. Additional evidence highlights the role of scale and scope economies in real estate fund openings. Overall, the results provide new insights into the relatively large size and small number of real estate funds when compared to mutual funds dedicated to other investment objectives.     

Determinants of Performance for Mortgage-Backed Securities Funds

This article examines the performance of mortgage-backed securities (MBS) mutual funds from January 1987 to June 1995. As a group, the MBS mutual funds underperform both the Salomon and Lehman Brothers MBS market benchmarks. The relative underperformance of the MBS mutual funds is due to poor securities selection and timing decisions. Fund expenses also contribute significantly to the underperformance, while fund load, turnover, management fees and other fund characteristics do not materially affect performance. The underperformance is found to be concentrated in several exceptionally bad months during the sample period. Testing indicates that the MBS mutual funds underperform the MBS benchmark during months of rising interest rates, but match the MBS benchmark during months of falling interest rates.     

Securities auctions with pre-project information management

This paper analyzes securities auctions in which bidders have an option to acquire information after winning the right to develop a project. The payment consists of an up-front cash bid and a contingent security bid, which distorts investment and information acquisition relative to the first-best. We order securities in terms of their steepness: the payment of a steeper security is more sensitive to high project values. The agent’s incentives to acquire information that prevents either cost overruns (Type I errors) or false cancellations (Type II errors) decrease with the steepness of securities. The optimal limited-liability securities auction involves bidding debt that minimizes the distortions in the agent’s incentives to acquire performance-enhancing information. The model delivers implications on the practices commonly observed in oil lease auctions.     

加强对养老保险基金有效投资初探

由国家筹集的全国社会保障基金可以投资运营，企业年金实行市场运营，地方管理的基本养老金不能投资运营。从宏观上说，养老保险基金有效投资有利于减轻国家、企业和个人的负担，为国家经济建设提供长期基金，有利于养老金的保值增值，以应对未来养老金的支付能力。为了加强养老保险基金的有效投资，必须健全和完善养老保险基金有效地投资的内部条件和外部环境。     

The Predictability of International Real Estate Markets, Exchange Rate Risks and Diversification Consequences

International real estate related securities are investigated to see whether they offer any incremental diversification benefits over foreign stocks using mean-variance analysis together with a multifactor latent variable model. Diversification benefits are found to be primarily driven by unanticipated returns which are partially driven by changes in exchange rate risk. Although exchange rate risk accounts for a larger portion of the return fluctuation in real estate related securities relative to common stocks, international real estate securities provide some incremental diversification benefits over common stocks even if currency risks are hedged.