摘要
基金集中持仓程度是否影响基金绩效是投资者关注的问题。不同因素驱动下的基金集中度调整对基金选股绩效的影响存在差异。引入基金排名、基金公司产品多元化程度两个变量扩展现有研究,以2006—2019年中国权益型公募基金为研究对象进行实证分析,结果发现排名靠后的基金提高持仓集中度并不能获得较优的选股绩效;在产品多元化程度较高的基金公司中,基金提高持仓集中度可以获得较优的选股绩效,且排名靠前的基金相对于排名靠后的基金,提高持仓集中度可获得更高的选股绩效。
The relationship between portfolio concentration and stock selection performance is an essential problem for investors.Portfolio concentration adjustment driven by different factors have various influences on stock selection performance.This paper introduces fund ranking and product diversification degree of fund companies as two variables to expand the existing research.Based on the empirical analysis of Chinese equity public offering funds from 2006 to 2019,the results show that the funds with lower ranking cannot achieve better performance in stock selection by improving portfolio concentration.In the fund companies with higher product diversification degree,the fund can obtain better stock selection performance by increasing the portfolio concentration,and the fund with higher ranking can obtain higher stock selection performance by increasing the portfolio concentration compared with the fund with lower ranking.
作者
于孝建
戴宇
YU Xiao-jian;DAI Yu(School of Economics and Finance,South China University of Technology,Guangzhou 510006,Guangdong,China;Research Center of Financial Engineering,South China University of Technology,Guangzhou 510006,Guangdong,China)
出处
《华南理工大学学报（社会科学版）》
2021年第6期34-45,共12页
Journal of South China University of Technology(Social Science Edition)
基金
中央高校基本科研业务费(人文社会科学)项目(XYMS201908)。
关键词
持仓集中度
选股绩效
权益型基金
基金排名
portfolio concentration
stock selection performance
equity funds
fund ranking
