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本文选取了2004年之前发行的17只开放式股票型证券投资基金,采用T-M、H-M和C-L三个模型,分别对其在2004年到2006年全时期、股票市场的熊市时期、波动期和牛市时期四个不同的市场状态下的股票选择能力进行了实证分析。实证分析表明,我国开放式股票基金选股能力较弱,没有一家基金表现出显著的选股能力。
This paper selects 17 open-ended equity securities investment funds issued before 2004, and adopts three models of TM, HM and CL, respectively in the whole period of 2004 to 2006, the bear market of the stock market, the volatility period and the bull market Period of four different market conditions of stock selection ability of an empirical analysis. Empirical analysis shows that the ability of stock selection of open-end equity funds in our country is weak, and none of them shows significant stock selection ability.