| 基金管理人行为与基金业绩的关系分析 |
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| 引用本文： | 何军耀,蒲勇健. 基金管理人行为与基金业绩的关系分析[J]. 系统工程学报, 2006, 21(2): 126-130 |
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| 作者姓名： | 何军耀 蒲勇健 |
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| 作者单位： | 重庆大学经济及工商管理学院,重庆,400044 |
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| 基金项目： | 教育部人文社会科学基金资助项目(02JA790062) |
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| 摘 要： | 在研究证券投资基金绩效评价体系时,基金管理人的行为与基金业绩的关系可能被该研究主题所忽略.受行为金融理论的启发,本文在委托代理理论的基础之上,建立了基金管理人行为与基金业绩的线性关系模型,给出了管理人的最优决策行为,指出了确定管理人最优努力、最优能力与基金业绩关系的数量方法.为基金投资者选择管理人提供了一定的理论依据;为根据管理人的风险偏好、经济环境预期及经济环境的风险判断分析基金的预期业绩变化提供了一定的理论指导.
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| 关 键 词： | 委托代理 行为 业绩 关系 |
| 文章编号： | 1000-5781（2006）02-0126-05 |
| 收稿时间： | 2004-02-25 |
| 修稿时间： | 2004-02-252004-07-19 |
Analysis on relationships between funds manager''''s behavior and funds performance |
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| HE Jun-yao,PU Yong-jian. Analysis on relationships between funds manager''''s behavior and funds performance[J]. Journal of Systems Engineering, 2006, 21(2): 126-130 |
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| Authors: | HE Jun-yao PU Yong-jian |
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| Affiliation: | School of Economy and Business Administration, Chongqing University, Chongqing 400044, China |
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| Abstract: | During researching security investment funds appraisal system,the relationships of funds managers' behaviors and funds performance perhaps will be omitted by the study topic.based on the behaviors finance theory,a linear relation model of funds managers' behavior and funds performance is set up on basis of principal-agent in the paper.The model points out the managers' optimization decision behavior,and points out the numeral methods of determing the relationships between managers' optimization efforts,optimization capability and funds performance.It brings definite theory basis to the funds investor for choosing manager and brings definite theory guidance to the risk preference of manager,economic environment expectation and economic environment risk expectation which estimates the funds expecting performance variation. |
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| Keywords: | principal-agent behavior performance relationships |
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