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澳洲金融學mab論文:在挪威以中國為中心的共同基金表現

時間:2016-06-16 15:19來源:livesitehelp.com 作者:論文哥代寫 點擊:
投資比例將決定不同的共同基金的回報和風險的差異。因此,在評價基金績效的時候,或是對同一類型的投資基金進行比較,對當前的投資基金具有重要的現實意義。

1. Abstract摘要
 

隨著開放式基金以及在基金產品的差異的不斷擴大并正在逐步顯現時,如何對不同品種的開放式基金績效進行科學評估正逐漸成為市場關注的焦點。盡管中國的資產管理行業是非常年輕只有15年的發展時間,但中國的基金公司能夠復制他們的美國同行和歐洲市場成功的關鍵點。這項研究的目的是看廣告和銷售在挪威的中國集中的共同基金的表現。評估整體性能,我們總結為四類(即1.benefits和風險,2.風險調整回報,3.從四個方面分析了基金管理者的股票選擇能力和市場時機技能,基金業績持續性),來選擇指標。
<标题> 通過主成分分析,選擇四個類指標(共13個指標),對其進行壓縮,按權重分析,得到四個綜合指標,并說明其負荷。研究基金(我們的研究目標),四個綜合指標來自步驟3(3.指數分析)作為輸入,基金收益率作為輸出,建立支持向量機回歸,擬合和預測收益。

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介紹

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. (責任編輯:anne)

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