我国股市波动的政策性及基金把握政策市能力的分析

我国证券市场波动的政策性及相关影响是学术界关注的热点问题。本文首先通过事件统计法肯定了我国政策影响股市波动性的存在,进而对我国股市异常波动点上证券投资基金的管理绩效进行了实证检验。结论显示,证券投资基金对利空政策有较好的预期,能及时对投资方向及仓位进行调整;对利好政策则提前反应,其事后的表现相对不显著;与个人投资者相比,即使在政策市下,基金依然有一定的竞争优势。

An Analysis on Policies on Fluctuation of China's Stock Market and the Behavior and Performance of Mutual Funds

Experts have made some heated discussions on policy characteristics of China’s securities market. This paper confirms that the policies of our country have some effect on the fluctuation of the stock market and that conducts an empirical test on managerial performance of securities investment funds in the range of irregular fluctuation of the stock market in China. The conclusion shows that investment funds have some better expectations on the unfavorable policies. and can adjust the investment direction and positions in time; funds can make responses in advance to favorable policies but their subsequent performance are not significant. Compared with individual investors, funds have their certain advantages even if they are influenced by policies.