基金规模与基金业绩的关系摘要我国基金市场发展迅速，截止到2016年底，共有3867只基金，基金总规模为88428.31亿份。随着基金规模的不断壮大，基金数量的不断增多，基金规模与基金业绩的关系越来越受到市场各方的关注。本文通过实证研究，对我国证券投资基金业进行全面回顾、多方考察，将基金业绩评价的传统方法和现代方法相结合，找出不同规模基金在业绩上的差异，并探索基金规模与业绩的相互关系，在此基础上提出切实可行的政策建议。旨在通过分析研究，找出不同规模的基金对其业绩的影响程度，为监管者制定相关政策法规、基金管理公司发行恰当规模的基金以及投资者选择正确的基金提供参考依据，以此促进我国基金行业健康发展。基金的发展无可避免地导致大型基金地出现,基金的规模到底有何影响这一问题也出现在实际操作中。建立一支基金之初,基金的业绩依赖基金规模这是肯定的。然而,当基金规模增至一定程度时会产生负面影响。这意味着成本地产生,诚如基金刚设立时可能导致规模经济,基金规模超过某个程度时也可能导致规模不经济。随着基金越来越大,投资组合中的证券也不断增加,基金经理的选择权也同样增加。而且,例如市场冲击费用和避免市场冲击费用成本等交易费也增加了。关键词：证券投资基金，规模，业绩，实证研究TherelationshipbetweenfundsizeandfundperformanceABSTRACTFundmarkethasdevelopedrapidlyinourcountry,bytheendof2016,atotalof3867funds,fundstotalscaleof8.842831trillion.Withthegrowingscaleoffund,agrowingnumberoffund,thefundsizeandfundperformancerelationshipismoreandmoregettheattentionofthemarketparties.Inthispaper,throughempiricalstudy,securitiesinvestmentfundindustryinChinatoconductacomprehensivereviewandinvestigation,thefundperformanceevaluationofthecombinationoftraditionalandmodernmethods,findoutthedifferentscaleoffundofthedifferencesinperformance,andexploretherelationshipbetweenfundsizeandperformance,onthebasisofthisputsforwardthefeasiblepolicySuggestions.Aimstofindoutthedifferentscale,throughanalysisandstudy,theinfluencedegreeofthefundforitsperformance,forregulatorstoformulaterelevantpoliciesandregulations,andfundmanagementcompaniesappropriatescaleoffundinvestorsandprovidedareferenceforchoosingtherightfund,topromotethehealthydevelopmentofChina'sfundindustry.Inevitablyleadtothedevelopmentoflargefunds,fundexactlywhateffectthisproblemalsoappearedintheactualoperation.Atthebeginningoftheestablishedafund,thefund'sperformancedependsonthefundsizethat'sforsure.However,whenthefundwillhaveanegativeimpacttoacertaindegree.Thismeansthatthecosttoproduce,aswhenthefundhasjustsetupcanleadtoeconomiesofscale,thefundsizeexceedsacertaindegreecanalsoleadtoscaleeconomy.Asthefundismoreandmorebig,theportfolioofsecuritiesisalsoincreasing,fundmanageroptionisalsoincreased.Moreover,suchasmarketimpactcostandavoidmarketimpactcostssuchastransactioncostshaveincreased.KEYWORDS：securitiesinvestmentfunds,size,performance,theempiricalresearch目录1中国证券投资基金概论..............................................11.1证券投资基金的概念和种类....................................11.2证券投资基金的优势及特点....................................21.3中国证券投资基金的发展概况及存在问题分析....................22证券投资基金业绩评价理论与方法....................................42.1证券投资基金业绩评价的内容..................................42.2证券投资基金业绩评价的传统方法..............................42.2.1资产净值法.............................................42.2.2收益率法...............................................52.3现代证券投资基金业绩评价方法................................62.3.1詹森...
