封闭式基金投资价值的均值半标准差及其综合收益率分析

本文认为，在不允许卖空的证券市场中，证券收益率的向上波动是大多数投资者的行为偏好所致，以证券收益率的方差作为投资风险测度的马克维茨（Markowitz）模型并不适合这一市场类型。文章指出，依据统计学半标准差的方法可以区分投资过程的上方风险和下方风险；同时，如果考虑证券收益率的均值，则可以运用行为均值半标准差综合收益率方法，探索出一种新的封闭式基金投资价值的分析方法。本文的分析可视为对封闭式基金投资价值之评判的一种新的理解。

Analysis of the Mean, Half Standard Deviation of Close - ended Fund Investment Value and its Comprehensive Returns Ratio

In this article, we believe that, in the securities market which does not permit to sell short, the upward undulation of securities returns ratio is the result of the most investors' behavior predilection. The Markowitz model regarding the variance of securities returns ratio as the measure of investment risk does not suit this type of market. We point out that we can distinguish in the investment process upside risk trom downside risk based on the method of half standard difference in statistics. If considering the mean value of securities returns ratio at the same time, and by using the method of behavior mean half standard deviation comprehensive returns ratio, we can get one kind of new method of analyzing close-ended fund investment value. The analysis in this article may be regarded as one kind of new understanding of the judgment of close-ended fund investment value.