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一、建立科学的基金业绩评价体系的必要性 基金管理人科学的投资决策应包括:①资金运用目标的制定;②基本的投资政策、投资方针以及资产配置的决定;③基本面的分析;④最佳投资组合的构建;⑤基金的业绩评价。 以上过程可归纳为投资计划的制定、实施及结果的评价(PLAN—DO—SEE)三大方面。其中结果的评价是对过去的运用资产状况、运用结果及现在的状况的客观分析,这影响到基金管理人下一步的投资政策及投资方针的正确制定,是基金管理人投资决策过程中的一个非常重要的组成部分。而对于一般投资者来说,对基金业绩的评价实际上是对各基金管理人的风险管理能力、理财能力进行评价,以便为自己选择基金品种提供决策依据。
I. The Necessity of Establishing a Scientific Fund Performance Evaluation System The fund manager’s scientific investment decision-making should include: (1) the formulation of the target of fund utilization; (2) the basic investment policy, investment policy and the decision of asset allocation; (3) the fundamental analysis; (4) The best investment portfolio construction; ⑤ fund performance evaluation. The above process can be summarized as investment plan formulation, implementation and result evaluation (PLAN-DO-SEE) three aspects. The evaluation of the results is an objective analysis of the past status of the use of assets, the results of the operation and the current situation, which affects the next step of the fund manager’s investment policy and investment policy is the correct formulation of the fund manager investment decision-making process Very important part. For the average investor, the evaluation of the performance of the fund actually evaluates the fund managers’ risk management ability and financial management ability so as to provide decision-making basis for the fund’s own selection.