close-end funds 中文意思是什麼
close-end funds
解釋
封閉基金-
To the end of december 2002, there are 15 standardized funds management corporations in china, they manage 54 contractual type close - end securities investment funds and 19 open - end funds. the assets size of securities investment funds in china reaches almost 100 billion yuan, correspond to about 10 % of the circulating market price of shanghai and shenzhen stock markets
到2002年12月底，按規范化要求我國共成立了15家基金管理公司，管理了54隻契約型封閉式證券投資基金和19隻開放式基金，中國證券投資基金資產規模約1000億元人民幣，相當于滬、深兩市流通市值10左右。 -
Starting from 1998, the close - end funds have grown for more than eight years
我國封閉式基金起步於1998年，至今已有八年多的歷史了。 -
Thirdly, according to the evaluation system, we analyze the performance of some close - end investment funds in 2002, calculate all the indexes and sort the relative performance of all funds on the basis of comprehensive index
然後，根據建立的評價體系，實證分析了2002年中國部分封閉式投資基金的業績表現，對基金的各類指標進行了考察，並用數據包絡分析方法對基金相對業績進行綜合評價、排序。 -
So this paper tries to solve these problems through the following work : first, we select some index to valuate the close - end funds, including income, stability, risk in falling, stocks selecting ability and tuning ability, based on overseas funds valuation methods and domestic market condition ; second, we analyze the stability of all index and form two styles index, which are f and other bad stability index ; then, we form the valuation system, including two - layers index, which are p and factor score ; last, we use this system to analyze the close - end funds which came into existence before 2000 and get the final comparative result. the main intention of this paper is to create the system of valuating close - end funds in our country, which is comprehensive and objective. in my valuation system involving the period from 2000 to 2003, the funds as a whole performs inferior to the stock index
首先，對國外理論界經典成型的、以及前沿的基金評價指標和評價方法進行了詳細的分析，並結合我國的基金市場狀況，選取了可以衡量基金收益、穩定性、下跌風險、股票選擇能力、時機選擇能力等量化指標；其次，根據我國基金分析的需要，採用了諸如基金交易價格、換手率等二級市場表現指標；然後，對這些指標進行了時間延續性分析，檢測這些指標在運用到我國基金市場時能否有效預測基金未來表現，從而形成了兩類指標：時間延續性很好的s _ p和時間延續性不好的其它所有指標；再次，在以上工作的基礎上形成了由兩個層面的指標構成的我國證券投資基金評價體系： s _ p和因子分析中綜合因子得分值；最後，選取了我國2000年1月1日前成立的23隻封閉式基金作為樣本，並同時採用上證a股與深成a股兩個基準組合進行了3年樣本期的實證分析，得出了最終的比較性評價結果。 -
Consequently, the fundamental value of close - end funds should be equal to the net asset value ( nav ) per share
既然封閉式基金不能獲得超額收益，那麼它的內在價值就應該等於基金的資產凈值。 -
On the premise of efficient markets hypothesis, investors of close - end funds can ’ t earn excess risk - adjusted returns according to capm
在有效市場的前提下，基金的收益滿足資本資產定價模型（ capm ）的假設，無法獲得超額收益。 -
The diversity of profit in different close - end funds is that their risk preferences are different
不同基金收益之間的差異僅僅是由於各自風險偏好的不同。 -
Some time close - end funds are traded at a premium to nav, but they are more often traded at a discount to nav
盡管有時是以溢價賣出的，但大部分時間基金都會以折價的方式交易。 -
Then the origin for the liquidity risk of open - end mutual funds is provided through the comparison between the open - end and close - end mutual fund. an overview of china mutual fund industry is presented. further, a comprehensive analysis of factors those affect the liquidity risk is conducted
進而對影響開放式基金流動性風險的因素進行了深入的分析，進一步結合我國證券市場以及證券投資基金業的特點，總結出我國開放式基金流動性風險的特殊之處。 -
( 1 ) the empirical analysis of the performance, the security selection ability and the market timing ability on 30 investment funds which are set before dec. 31, 1999. the time window is from dec. 29, 2000 to dec. 27, 2002. ( 2 ) the research on the relationship between scale and performance, and the performance of the index funds. ( 3 ) the comparison of the performance of close - end funds with that of open - end funds by selecting 9 close - end funds and 3 open - end funds in the period from dec. 28 2001 to dec. 27, 2002
主要工作包括以下三個方面： （ 1 ）以1999年12月31日以前設立的30隻基金為樣本，選取2000年12月29日至2002年12月27為評價期間，對基金的總體績效、市場時機選擇能力和證券選擇能力進行了實證分析； （ 2 ）對基金規模是否影響基金業績以及指數化基金的業績表現進行了考察； （ 3 ）比較了開放式基金與封閉式基金的業績表現。 -
( 2 ) there is no evident that they have market - timing ability, but have certain security selection ability. ( 3 ) there is no significant effect of the fund scale on fund performance. ( 4 ) on average, the performance of the open - end funds is better than that of the close - end funds and index funds can overwin market benchmark
上述研究的主要結論為： （ 1 ）在大盤處於弱勢背景的情況下，我國證券投資基金的下跌幅度小於市場基準的下跌幅度，其業績表現優於市場基準； （ 2 ）我國證券投資基金不具備市場時機選擇能力，但具有一定的證券選擇能力； （ 3 ）總體而言，基金規模對基金的業績表現沒有顯著性影響； （ 4 ）開放式基金業績表現從整體上優于封閉式基金，指數化基金的業績能超越市場基準。 -
However, in the process of vigorous growth of close - end funds, it has appeared a kind of phenomenon calling for serious consideration
但隨著封閉式基金數量的增多，我國封閉式基金也出現了類似成熟市場國家的持續折價交易現象。 -
The main content includes : 1 the frame - saw of fund performance is set up and the close - end funds of china are proved, based on the public data of funds
主要內容有：門）建立了我國基金業績評估的框架，利用基金公開公布的數據，檢驗了我國部分封閉式基金的實際運作業績。 -
Under this condition, it is more and more important and necessary to do research on the price discount of close - end funds in china. the main purpose of this thesis is to explore the characteristics and causes of price discount in the trade of close - end funds in our country, as well as some main factors affecting the high discount rate. furthermore, the thesis proposes a number of countermeasures in a hope to guide people ’ s investment strategy, decrease the discount level and promote the
本文的研究目的在於結合我國證券投資基金市場的實際情況，試圖解釋封閉式基金折價有何表現特徵、封閉式基金折價的原因、影響封閉式基金折價的主要因素，以及面對封閉式基金高折價的對策等問題，並據此提出一些有針對性的可操作性建議，為基金投資和基金管理提供指導，為改革和完善基金的運作方式和監管制度提供參考，從而對我國證券投資基金市場的規范和穩定發展起到積極的促進作用。 -
However, it is proved that the prices of close - end funds usually deviate substantially from nav
然而，實證發現，封閉式基金的基金份額通常是以不等於其所擁有的資產凈值的價格賣出的。
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