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澳洲金融学mab论文:在挪威以中国为中心的共同基金表现

时间:2016-06-16 15:19来源:www.liuxuelw.com 作者:留学生论文网 点击:
投资比例将决定不同的共同基金的回报和风险的差异。因此,在评价基金绩效的时候,或是对同一类型的投资基金进行比较,对当前的投资基金具有重要的现实意义。

1. Abstract摘要
 

随着开放式基金以及在基金产品的差异的不断扩大并正在逐步显现时,如何对不同品种的开放式基金绩效进行科学评估正逐渐成为市场关注的焦点。尽管中国的资产管理行业是非常年轻只有15年的发展时间,但中国的基金公司能够复制他们的美国同行和欧洲市场成功的关键点。这项研究的目的是看广告和销售在挪威的中国集中的共同基金的表现。评估整体性能,我们总结为四类(即1.benefits和风险,2.风险调整回报,3.从四个方面分析了基金管理者的股票选择能力和市场时机技能,基金业绩持续性),来选择指标。
通过主成分分析,选择四个类指标(共13个指标),对其进行压缩,按权重分析,得到四个综合指标,并说明其负荷。研究基金(我们的研究目标),四个综合指标来自步骤3(3.指数分析)作为输入,基金收益率作为输出,建立支持向量机回归,拟合和预测收益。

With the continuous expansion of open-end funds, as well as differences in fund products is gradually emerging, how different varieties of open scientific assessment of mutual fund performance is gradually becoming the market focus. Investment ratio will determine the differences in the returns and risks of different mutual fund. Therefore, when evaluating the performance of the fund, or characteristic of the same type of investment fund comparison, it has important practical significance in the current.
Chinese fund companies are able to replicate the success of their American counterparts and European market, despite China's asset management industry is very young, which only has 15 years of development.
The purpose of this study is to look at the performance of china-focused mutual funds advertised and sold in Norway. To evaluate the overall performance, we summarize into four categories,(namely, 1.benefits and risks,2. risk-adjusted returns, 3. stock selecting skills and market timing skills of the fund managers, fund performance persistence), selected indicators are also analyzed from four aspects.
By principal component analysis, the choice of four classes indexes (total 13 indexes), compress them, according to the weight analysis, we get the four integrated indicators and explain their load. To the research fund (our research objectives ), four composite indicator derived from step 3( 3. Index analysis) as input, fund yields as output to build support vector machine regression, fitting and forecasting earnings.

2. Introduction介绍

In recent years, due to the recession and the economic development of the Norwegian interest rates tend to decrease, prompting the Norwegian fund flows to emerging markets overseas, some, such as the Norwegian Petroleum Fund's investment in China to study for the Norwegian market investors, selling and investing in the stock market in Norway Chinese mutual funds overseas funds overseas.
The use of overseas Chinese fund to attract foreign investment in China has many benefits. It can greatly expand China's utilization of foreign investment channels and scale, which dispersed for Norway, the investor does not have the management capacity, the investment company or by professional fund management companies to invest in and manage the investment, not only can save a lot of trouble , and can reduce the risk of investment.
With the continuous expansion of open-end funds, as well as differences in fund products is gradually emerging, how different varieties of open scientific assessment of mutual fund performance is gradually becoming the market focus. Investment ratio will determine the differences in the returns and risks of different mutual fund. Therefore, when evaluating the performance of the fund, or characteristic of the same type of investment fund comparison, it has important practical significance in the current.
Researchers believe the difference in return characteristics between mutual funds and mutual funds is primarily due to differences in their trading strategies. A fundamental difference is the majority of mutual funds deploy dynamic mutual fund trading strategies, and use of a static buy-and-hold strategy. Another fundamental difference is the use of leverage. mutual funds often use their bets margin in their positions, and through the use of short-term sales. In contrast, the use of leverage is often limited in mutual funds. It is important to explore these differences in the way mutual fund partnership organize to provide a theoretical basis.
This research mainly uses principal component analysis method to analyze and solve problems on mutual fund, PCA is a commonly used multivariate statistical methods in econometric areas, and due to its multi-dimensionality of thought and evaluation indicators ordering requirements which is very popular in recent years, which is more often used in sociology, economics, management, evaluation, and gradually become a unique technology for evaluating . But the principal component analysis method was usually directly applied to evaluate many problems. This is mainly due to statistical analysis as a mathematical outside to the inside, and the emphasis is its objectivity, and evaluation theory of objective view of things is built on the basis of value judgments evaluating factors. Therefore, the principal component analysis applied to the evaluation, the evaluation should be accepted theoretical framework for multi-index guidance and transformation required to look at the issue from a different angle. (责任编辑:anne)

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