QFⅡ與開放式基金在中國A股市場持股偏好研究.pdf

1、湖南大學(xué)碩士學(xué)位論文QFⅡ與開放式基金在中國A股市場持股偏好研究姓名：陳方瓊申請學(xué)位級別：碩士專業(yè)：金融學(xué)指導(dǎo)教師：姚小義20091001AbstractIn2002ChinaimplementedaQFII(qualifiedforeigninstitutionalinvestorslsystem繃hasgrownandexpandedconstantlyBytheendof2008，76foreigninstitutionalinV

2、estorshavebeengranted128billionUSdollarsofinvestmentquotasIthasbecomethemostimportantinstitutionalinvestorswithdomesticopenendfundsinChina。stockmarketRelativetotheiropen—endfundswhich士orelgncapltalinChinaLstockmarketperf

3、ormedIsthereanysignificantinvestment洲osophyandbehaviordifferencebetweenQFIIandopenendfundsStudyingon‘ne8eIssuesISnOWbecomingfrontier(International)FinanceproblemsIhisaniclew1IlcompareQFllwithopen—endfunds，whichisthemosti

4、mportantlnstltutlonalinVestor，inthe20062008three—yearperiodsbyanalysisofthequarterlynoldingsdataNotonlywecarryoutqualitativeanalysisoftheindustrvIsstock—pickingsimilaritiesanddifferences，butalsousethestepwiseregressionme

5、thod01quantltatlVestudYonstockpickingpreferenceforthetwomajorinstitutional1nVestorsMeanwhile，wecontraststockselectionandmarketperformanceofQFIIandopen—endfundthroughpricefluctuationinthebullandbearmarketfortheflrsttimewh

6、ichismoredetailresearchthanallofthetimespanatpresentDuringthisresearchwecanfindouttheregularityandcommonalityinQFIIandtheFundhoJdlngsEspeciallywecananalyzetheirrespectivedifferencesininvestmentdeclslonsInordertoofferthep

7、olicyrecommendationstoindividualinvestorsotherinst“utionalinvestors，regulators，andlistedcompanies1n‘nlspaPer，throughempiricalstudieswedrawtheconclusionsonQFIIandfundholdmgspreferencesasfollowing：Firstlyfromtheindustrypoi

8、ntofviewinthe蚴ngphase，QFIIislikelytoholdsharesofindustriesandcompanieswithfasteconomlcgrowthButFundisrelativelyholdingslowandsteadygrowthofindustriesandcompanlesInthedeclinephase，QFIIdecreasetheirsharesorwithdrawfromthem

9、arket，whllethefundprefertoholdingsharesandwaitingforareboundSecondlveltnerupordownstagephase，QFIIpreferlowpricesandpoorstockmarketperformanceinearlYstage，andlayemphasisonlistedcompanieswithdividenddlStributlonpolicy，high