中文论文文摘

    中国的证券投资基金作为证券市场最大的机构投资者，伴随着改革开放进程在中国应运而生，并正逐步走向成熟。基金以其稳健性和收益性赢得了广大投资者的青睐，并日益成为人们投资理财的重要工具。但是，在基金市场迅速发展、基金品种日益丰富的同时，站在普通投资者的立场、用简单实用的方法分析基金投资价值的研究却相对庞杂而滞后。因此，通过构建一种系统而实用的基金投资价值的分析方法，给予普通投资者一定的帮助和指导，具有重要的理论和现实意义。
    基于以上原因，本文以理论研究和实证研究为基础，结合中国证券市场发展的实际情况，首先从普通投资者较为关注和熟悉的“基金资产净值”入手，阐明以其为核心的一系列关于评价基金投资价值的常见指标的含义、区别与核算原理；然后利用基金资产净值核算的相关知识，进一步说明如何利用基金年报披露的相关信息，从财务分析的角度，对影响基金投资价值的资产状况、盈利状况、成长状况等诸多方面进行分析，并探讨了基金的综合价值及基金评级的相关问题，从而以普通投资者的角度，梳理了基于基金资产净值核算的、可用于基金投资价值分析的常见指标，以此为基础提出了一种以投资者应用为向导的证券投资基金风险-收益综合评价方法；最后，在利用前述指标构造出的评价体系的基础上，运用主成分分析法，对国内2007至2008年间的20只开放式基金进行了实证分析，实现了对证券投资基金风险-收益的综合评价。
    本文结合定量分析与定性分析，理论研究与实证研究，以尝试性、系统性和创新性的探索，为普通投资者深入了解基金核算，分析基金投资价值搭建了一个全新的平台：基金资产净值作为基金会计核算的核心，是其他相关评价指标计算的起点，也是基金投资价值分析的基础；基金年报是投资者全面了解基金、挖掘基金投资价值的信息来源和分析依据；基金管理公司、基金经理的综合素质是基金综合价值的反映；基金评级则是评价基金投资价值、选择基金的参考；并形成了一套相对完整的基金风险-收益指标评价体系。文末也指出了需要进一步研究的问题。

外文论文文摘

    As the largest institutional investor in the stock market, the investment fund of China was introduced in the progress of the reform of China, and is steadily becoming more and more mature. Due to its stability and profitability, the fund has won welcome widely from normal investors, and is becoming an important tool for financing and investing. However, while the fund market expands rapidly, and various types of fund abound in the market, the research work on simple and practical method that analyzes the investment value of a fund keeps relatively complicated and lags behind. Thus, it is of important meaning both in theory and in practice to give normal investors a kind of help and guide by constructing systematical and practical methods for analyzing the investment value of the specific fund.
    For the above reason, we carry out our work from the base composed of theoretical research and empirical study, and the actual situation of the development of the stock market in China. In this paper we start from the “net asset value of the fund” that normal investors usually concerns on and are familiar with, explain the meaning, difference and calculation principle of a set of common indicators that evaluate the investment value of the fund. Then we explained how to analyze from the aspect of financial analysis factors, such as asset status, profit status and growth status, that influence the investment value of a specific fund through related information published in the annual report of the fund, discussed related problems on the integrated value and grade of the fund, and proposed an investor-oriented method on evaluating the risk-profit of the securities investment fund. Finally, based on the assessing framework constructed by the indicators mentioned above, we analyzed 20 open-end funds in the domestic market between 2007 and 2008 using principal component analysis method, accomplished integrated analysis on the risk-profit of the securities investment funds.
    In this paper, we combined quantitative analysis and qualitative analysis, theoretical research and empirical study, constructed an entirely new platform for helping normal investors thoroughly understand fund accounting and analyze the investment value of the fund: As the core of the fund accounting, the net asset value of fund is the starting point of calculating other related indicators, and is also the base of analysis on investment value of the fund. The annual report of the fund is the source of the information and the base of the analysis that help investors thoroughly understand the fund and explore the investment value of the fund. The quality of the fund management company and fund managers is the reflection of the general value of the fund. The grade of the fund is the reference for evaluating and making selection. We also constructed a relatively compact framework for evaluating indicators on the risk-profit of the fund. At the end of the paper, we point out problems that need to be further studied.