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我国的开放式投资基金起步比较晚,但发展速度惊人。从2001年9月华安创新基金诞生至今,开放式基金已成为当前我国证券市场的主流投资品种。开放式基金由专家管理、收益稳定可观、流动性风险小等特点深受广大投资者的喜爱,我国投资者已经逐渐把它作为主要投资品种。但是投资者是否具备成熟的投资理念,是否能做出正确的选择方式?本文通过使用累积回报率、单因素模型和Fama-French三因素模型等方法,分析我国投资者是否能够根据基金的特定信息买卖基金来获取超额回报,即我国投资者是否具备正确选择基金的投资能力。
China’s open-end investment fund started relatively late, but the pace of development is staggering. Since the founding of HuaAn Innovation Fund in September 2001, the open-end fund has become the mainstream investment variety in China’s securities market. Open-end funds are managed by experts and their returns are stable and their liquidity risks are small. They are deeply loved by investors and our investors have gradually taken it as the main investment product. However, whether investors have mature investment philosophy and whether they can make the right choice? This paper analyzes whether investors in our country can use the information of fund, such as cumulative return, one-factor model and Fama-French three-factor model, The sale and purchase of funds to obtain excess returns, that is, investors in our country have the correct choice of fund investment ability.