自然科学版 英文版
自然科学版 英文版
自然科学版 英文版
 

中南大学学报(社会科学版)
ZHONGNAN DAXUE XUEBAO(SHEHUI KEXUE BAN)

2005年10月第11卷第5期
   
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文章编号:1672-3104(2005)05-0620-05
 
我国配置型开放式基金规模与回报关系的实证研究
 
邓超,蔡奕奕
 
(中南大学商学院金融系,湖南长沙, 410083)
 
摘  要: 开放式基金是否存在规模经济效应问题,是基金业人士和投资者十分关注的问题。实证研究发现:配置型开放式基金规模与回报之间呈一种凸形关系,基金规模并非越大越好,而是存在一个最优规模,并在市场处于不同阶段时,两者的相关性依然显著。
 
关键词: 配置型开放式基金;投资回报;基金最优规模
 
 
An empirical research on the relationship between size and
return of allocation open-end funds in China
 
DEND Chao, CAI Yi-yi
 
(Business School, Central South University, Changsha 410083, China)
 
Abstract: Whether open-end funds exist economies of scale is an increasingly attractive topic for fund research and investment. We presented a new significant relationship between open-end funds size and return, considering the conditions at different stages of market in China. Regarding empirical research on allocation funds, our study showed a statistically convex relationship between open-end funds size and return, indicating that there is an optimum fund size instead of being bigger. We also analyzed what factors cause the relationship. The result on this new relationship could provide supplemental reference for devising open-end funds optimum size.
 
Key words: allocation open-end funds; investment return; fund optimal size
 
 
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