风格漂移

最后，本文分析了基金投资风格漂移的原因。

Finally , this paper analyses the reasons of the " style drift " .

但是短期来看，基金风格漂移会引起基金重仓股的波动，这种冲击影响持续时间较短，基本上四个交易日以后冲击影响就消失了。

But in the short term , fund style drift will cause fluctuations of heavy hold stocks . But the impulse effect is short .

通过分析实证结论，推断风格漂移现象产生的可能原因，并且进一步测度了风格漂移的风险，分析其对基金绩效的影响。

By analyzing the empirical results , style drift infer the possible causes , and further measure of style drift risk , analyze its impact on fund performance .

最后得出以下结论：一、我国股票型基金存在大规模的风格漂移现象，基金经理因业绩压力存在改变风格投资策略的动机。

The conclusions are as follows : Firstly , there is a large-scale style drift in Chinese stock funds ; Fund managers have the motivation to change the style investment strategy because of performance pressure .

关于基金绩效影响因素的研究，管理费用率对基金绩效影响较明显，而资金规模、资金流、风格漂移对绩效影响不显著。

Factors affecting the performance of the fund , management expense ratio is more pronounced impact on fund performance , while the fund size , cash flow , style drift has no significant effect on performance .

再者本章阐述并分析了投资风格形成及风格漂移形成的理论基础。

Furthermore this chapter describes and analyzes the investment style drift formation .

本章先给出了基金投资风格的定义，解释了什么是风格漂移、漂移风险，并对投资风格进行了分类。

This chapter first gives a definition of fund investment styles , explains what style drift is , drift risk , and classifies the investment style .

我国开放式基金在招募说明书中都注明了投资风格，但实证研究表明在实际操作中，大部分基金的投资风格都发生了漂移。

Empirical studies show that the investment style of most open-end funds drift in practice without following what they said in the prospectuses in China . Is the style drift good or bad ?

但是，在实际投资过程中，开放式基金并不能完全按照其事先声称的风格进行投资，而是会随市场行情的变化不断转变其风格，基金投资风格漂移现象随之产生。

However , in the actual investment process , open mode fund and cannot complete according to its prior claim , but the style of investment with changing market changes its style , and fund investment style drift phenomena emerges .