O - outguess 中文 - EN166

outguess vt.猜透，智勝。

outgun
Using the net assets per capital , the investment return rate , the t - m model , the h - m model , the single factor evaluating model which consists of the treynor index , the jensen index , the sharpe index and the square m index , we evaluate the performance of the twelve mutual funds . and we come to the following conclusions : ( 1 ) after the modification of the risk factor , our mutual funds in the recent one year outguess the market ; ( 2 ) better performance comes from the aid of the government , the improvement of the investment environment and the hard , smart work of the managers especially in the way of selecting some securities in the capital market . ( 3 ) though we make progress , there are still many problems which prevent the further development of our mutual funds such as the devise of the management fee and the characteristics of different funds , all of them divided into the subjective ones and the objective ones 通過使用投資基金單位凈資產和投資收益率指標、單因素整體績效評估模型，包括treynor指數、 jensen指數、 sharpe指數和業績的m ~ 2測度以及t - m 、 h - m模型對12只樣本基金進行實證研究，實證研究表明： ( 1 )經過風險調整后，在最近的一年中，我國證券投資基金的業績總體上優于市場基準組合； ( 2 )基金業績的提高得益于管理層的重視、投資環境的改善和基金經理的經營，而基金經理的良好業績是通過一定的證券選擇來獲得的； ( 3 )已成為證券市場上舉足輕重力量的基金在發展過程中雖然取得了一定的成績但其進一步發展還面臨著許多問題，有主觀存在的諸如管理費率的設定、基金風格方面的問題等等，也有客觀存在的諸如證券市場現階段的不完善等等，所以，我們應該抓住《證券投資基金法》問世帶給基金業發展的契機，大力促進證券投資基金規范發展，采取各種措施做大、做優和做強基金業。
And we come to the following conclusions : ( 1 ) looked from the returns ratio target that , all funds achievement are better than the market datum combination ’ s in the sample time , but the funds overall achievement is inferior to interest rate ; ( 2 ) after the modification of the risk factor , our mutual funds outguess the market ; ( 3 ) there is not enough evidence that indicate that chinese security investment funds have choosing ability in the market opportunity and choosing ability in the security . ( 4 ) the achievement in the past of the fund can not represent market manifestation in the future of the fund . this article innovation mainly has following several aspects : ( 1 ) have established the overall target of a appraisal fund achievement and gone on the real example to analyze with the mathematics model , having solved the inconsistency problem of appraising the result of many kinds of 在此背景下,本文希望通過借鑒國外對基金業績評價方面的經驗,結合我國的國情嘗試盡可能真實的、多角度分析我國證券投資基金在不同市場時期的業績特點,如投資基金的回報及其承擔的風險,基金經理的擇時能力和選股能力究竟怎樣,基金業績是否具有持續性等等,為基金投資者、監管者、基金管理公司以及基金的發展提供一些參考,以引導社會資源更多地流向擁有理性投資理念、資產管理能力出色的基金管理公司,實現資源的優化配置,進而推動市場投資理念走向成熟。