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FOF产品设计的核心在于基金筛选与优化配置,需要依托一套完善的基金绩效评价体系。从动态视角出发,将时间维度引入证券投资基金绩效评价,建立基于面板数据的Malmquist-DEA指数评价模型,实证考察了我国开放式股票型基金的业绩效率特征。研究表明,2007-2013年期间基金绩效以增长为主,增速却呈下降趋势。其中,技术进步是推动基金业绩提升的关键因素,而技术效率和规模效率逐年递减,造成综合效率水平的提高受阻,持续性较差。进一步分析基金投资风格、基金经理投资经验以及管理团队稳定性对绩效变化的贡献,结果显示投资风格和团队稳定性的影响作用相对突出。总体而言,基金筛选不宜单方面遵循选“人”或者选“业绩”的思路。
The core of FOF product design lies in the screening and optimization of funds, which needs to rely on a set of perfect fund performance evaluation system. From a dynamic perspective, this paper introduces the time dimension into the performance evaluation of securities investment funds, establishes the Malmquist-DEA index evaluation model based on panel data, and empirically examines the performance efficiency characteristics of China’s open-ended equity funds. Research shows that during the period of 2007-2013, the growth of fund performance is dominated by growth, but the growth rate has been declining. Among them, technological progress is the key factor to promote the performance of the fund, while the technical efficiency and economies of scale diminishing year by year, resulting in the improvement of the overall efficiency level blocked, less sustainable. Further analysis of the fund investment style, fund manager investment experience and the stability of the management team contribute to the performance change, the results show that investment style and team stability is relatively prominent role. In general, the screening of funds should not unilaterally follow the idea of selecting “people” or “selecting” “performance”.