| 资本市场有效性与基金投资策略选择 |
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| 引用本文： | 郑亚伟,张明辉.资本市场有效性与基金投资策略选择[J].河南师范大学学报(哲学社会科学版),2006,33(6):60-62. |
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| 作者姓名： | 郑亚伟 张明辉 |
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| 作者单位： | 广东外语外贸大学,政治与公共管理学院,广东,广州,510420;中国人民银行郑州分行,河南,郑州,450002 |
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| 摘 要： | 投资界一直在争论基金投资策略应该是主动还是被动的问题,并且援引大量的理论与经验证据以支持自己的观点。实际上,支持指数化投资的有效市场理论与资本资产定价模型不能够解释现实中的一些问题,同时,与市场基准指数相比,积极管理基金的业绩也并不理想。因此,不同的投资者应根据自身的条件选择适宜的投资策略。
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| 关 键 词： | 积极管理 被动管理 资本资产定价模型 市场有效性 |
| 文章编号： | 1000-2359（2006）06-0060-03 |
| 收稿时间： | 2006-01-02 |
| 修稿时间： | 2006年1月2日 |
Capital market Efficiency and the Investment Strategy Selection of Mutual Fund |
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| ZHENG Ya-wei,et al.Capital market Efficiency and the Investment Strategy Selection of Mutual Fund[J].Journal of Henan Normal University(Philosophy and Social Sciences Edition),2006,33(6):60-62. |
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| Authors: | ZHENG Ya-wei |
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| Institution: | Guangdong University of Foreign Studies,Guangzhou 510420,China |
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| Abstract: | The paper talks about the pervasive debate:active or passive in academic and professional field of investment.After citing theory and mountains of evidence: the average active manager has simply not outperformed the market index on a consistent basis.Still the vast majority of equity assets are managed actively.The paper examines both sides of the issue.We use theory and empirical evidence to argue that the theoretical basis for indexing is weak,yet the performance of active managers is weaker still.Our solution to this dilemma is to follow an objective,disciplined and risk-controlled approach to active management or follow indexing investment. |
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| Keywords: | active management passive management capital asset pricing model market efficiency |
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