發(fā)布時(shí)間：2018-01-01 13:40

  本文關(guān)鍵詞：證券投資基金的投資價(jià)值研究　出處：《云南師范大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 證券投資 投資價(jià)值策略 基金凈值 價(jià)值型基金

【摘要】：中國(guó)的證券投資基金起步于上世紀(jì)80年代末期。1992年11月，國(guó)內(nèi)第一支在上交所上市交易的證券投資基金-淄博鄉(xiāng)鎮(zhèn)企業(yè)投資基金經(jīng)中國(guó)人民銀行總行批復(fù)正式設(shè)立。有20多年發(fā)展歷史的證券投資基金經(jīng)歷了從無(wú)到有，從一般到成熟的過(guò)程。2012年6月7日，中國(guó)證券投資基金協(xié)會(huì)在北京召開成立大會(huì)暨第一屆年會(huì)，時(shí)任中國(guó)證監(jiān)會(huì)主席郭樹清發(fā)表了題為“我們需要一個(gè)強(qiáng)大的財(cái)富管理行業(yè)”為主題的精彩演講，標(biāo)志著中國(guó)基金業(yè)經(jīng)過(guò)這么多年的發(fā)展，，終于邁向了一個(gè)新的階段。然而面對(duì)當(dāng)前各種各樣的證券投資基金，廣大的中小投資者如何選擇具有投資價(jià)值的基金，如何才能獲得超額收益成了擺在他們面前的一大課題。當(dāng)前非常流行的投資價(jià)值理念、投資價(jià)值策略都是從外國(guó)引進(jìn)而來(lái)的，先前的國(guó)內(nèi)學(xué)者也從不同的角度、不同的方面對(duì)這些理論、策略都進(jìn)行了實(shí)證分析。事實(shí)證明這些理論對(duì)中國(guó)證券市場(chǎng)的價(jià)值投資也具有很好的指導(dǎo)意義。 對(duì)于價(jià)值投資者而言，基金的凈值與大盤走勢(shì)的變動(dòng)關(guān)系是其投資的一個(gè)重要參考方面。傳統(tǒng)的價(jià)值投資理論能夠給投資者帶來(lái)超額利潤(rùn)，這一點(diǎn)是毋庸置疑的，而價(jià)值投資理論的核心之處就在于對(duì)其有價(jià)證券的內(nèi)在價(jià)值進(jìn)行評(píng)估，對(duì)于基金來(lái)說(shuō)評(píng)估內(nèi)在價(jià)值的其中一個(gè)很重要的因素就是基金的凈值以及累計(jì)凈值，本文挑選出幾只基金計(jì)算出他們近十年的長(zhǎng)期趨勢(shì)序列、季節(jié)變動(dòng)序列等通過(guò)檢驗(yàn)其與大盤走勢(shì)的關(guān)系，來(lái)判定其累計(jì)凈值，從而可以大概測(cè)算出其內(nèi)在價(jià)值是否被高估，是否具有投資價(jià)值。 這篇文章主要是選出符合經(jīng)典價(jià)值投資的幾支證券投資基金為代表，通過(guò)對(duì)比它們的單位平均凈值的長(zhǎng)期趨勢(shì)序列與大盤指數(shù)的變動(dòng)關(guān)系，來(lái)判斷這幾支基金是否遵從了價(jià)值投資理念，是否具有投資價(jià)值。這篇論文的分析主要是運(yùn)用實(shí)證分析的方法，通過(guò)定性以及定量的研究方式，綜合運(yùn)用宏觀經(jīng)濟(jì)、金融等領(lǐng)域的相關(guān)知識(shí)，對(duì)我國(guó)證券投資基金的投資價(jià)值進(jìn)行實(shí)證研究。首先介紹了國(guó)內(nèi)外學(xué)者對(duì)證券投資基金的投資價(jià)值研究分析文獻(xiàn)綜述，其中包括驗(yàn)證性的價(jià)值投資、對(duì)比收益性的價(jià)值投資、價(jià)值投資理念的研究等，其次介紹了價(jià)值投資的一些基本理念以及現(xiàn)階段我國(guó)證券投資基金的發(fā)展現(xiàn)狀；在實(shí)證研究方面，主要運(yùn)用時(shí)間序列長(zhǎng)期趨勢(shì)來(lái)檢驗(yàn)基金的凈值與大盤的走勢(shì)關(guān)系，最后總結(jié)出一些針對(duì)投資者的具體建議。
[Abstract]:China's securities investment funds started on the end of -20s. November 1992. The first securities investment fund listed on the shanghai stock exchange-Zibo township enterprise investment fund was formally established by the central bank of the people's bank of china. The securities investment fund with a history of more than 20 years has experienced from nothing to existence. . From the general to the mature process. In June 7th 2012, the China Securities Investment Fund Association held the founding conference and the first annual meeting in Beijing. Guo Shuqing, then chairman of the China Securities Regulatory Commission, delivered an excellent speech entitled "We need a strong wealth management industry", marking the development of the Chinese fund industry over the years. Finally, it has entered a new stage. However, in the face of all kinds of current securities investment funds, the majority of small and medium-sized investors how to choose a fund with investment value. How to obtain excess income has become a major issue in front of them. The current very popular investment value concept, investment value strategy are imported from foreign countries, previous domestic scholars also from different angles. These theories and strategies have been empirically analyzed from different aspects, and the facts have proved that these theories have a good guiding significance for the value investment of China's securities market. For value investors, the relationship between the net value of the fund and the trend of the market is an important reference for its investment. The traditional theory of value investment can bring excess profits to investors. This is beyond doubt, and the core of the theory of value investment lies in the evaluation of the intrinsic value of its securities. One of the most important factors to evaluate the intrinsic value of the fund is the net value of the fund and the cumulative net value. In this paper, several funds are selected to calculate their long-term trend series in the past ten years. By examining the relationship between the seasonal variation series and the trend of the market, the cumulative net value can be judged, and the intrinsic value can be estimated to be overestimated or not, as well as the investment value. This article mainly selects several securities investment funds which accord with the classical value investment as the representative, and compares their long-term trend series of the unit average net value with the large market index change relations. To determine whether these funds comply with the concept of value investment, whether it has investment value. This paper mainly uses the empirical analysis method, through qualitative and quantitative research methods. Comprehensive use of macroeconomic, financial and other areas of relevant knowledge. Firstly, this paper introduces the domestic and foreign scholars' research and analysis of the investment value of securities investment funds, including the validated value investment. Secondly, it introduces some basic ideas of value investment and the present development status of securities investment fund in China. In the aspect of empirical research, we mainly use the long-term trend of time series to test the relationship between the net value of the fund and the trend of the market, and finally summarize some specific suggestions for investors.
【學(xué)位授予單位】：云南師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51

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