بررسی هوشمندی سرمایه‌گذاران صندوق‌های سرمایه‌گذاری مشترک در دوران رکود و رونق بازار سرمایه

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشجوی دکتری، گروه مدیریت مالی، واحد تهران مرکزی، دانشگاه آزاد اسلامی، تهران، ایران

2 استاد، گروه مدیریت بازرگانی، واحد تهران مرکزی، دانشگاه آزاد اسلامی، تهران، ایران

3 استاد، گروه مدیریت مالی، واحد تهران مرکزی، دانشگاه آزاد اسلامی، تهران، ایران

10.22051/jfm.2025.42896.2786

چکیده

هدف این پژوهش بررسی توانایی سرمایه ­گذاران صندوق­های سرمایه ­گذاری در پیش­بینی عملکرد صندوق‌های سرمایه‌گذاری مشترک و انتخاب صندوقی با بازدهی بالاتر می­باشد. برای پیش­بینی این­که آیا سرمایه­گذاران و وجوه نقدی که از سوی آن­ها وارد صندوق­های سرمایه ­گذاری می­گردد توانایی انتخاب صندوق کاراتر را دارد یا خیر، در ابتدا اطلاعات 34 صندوق در بازه زمانی 1391 تا 1399 جمع­آوری شده تا هوشمندی وجوه نقد مورد بررسی قرار گیرد. در همین راستا دوره­های رونق و رکود بازار سرمایه از یکدیگر تفکیک شده و توانایی سرمایه‌گذاران در هریک از این دوران مورد بررسی قرار گرفت تا مشخص گردد که آیا سرمایه ­گذاران در دوره­های مختلف بازار به صورت متفاوتی عمل کرده­ اند یا خیر. همچنین، سرمایه ­گذاران حقیقی و حقوقی از یکدیگر جدا شده تا عملکرد هر یک به صورت جداگانه مورد بررسی قرار گیرد. با استفاده از مدل چهارعاملی کارهارت، بازده تعدیل شده در برابر ریسک صندوق­ها به منظور بررسی هوشمندی سرمایه ­گذاران محاسبه شده که نتایج تحقیق حاکی از آن بود که سرمایه­ گذاران در هنگام ورود پول در حالت رونق بازار و همچنین، هنگام خروج پول در حالت رکود بازار هوشمندانه عمل کرده ­اند.

کلیدواژه‌ها

موضوعات

عنوان مقاله [English]

Investigating the Intelligence of Investors of Mutual Funds During the Recession and Economic Prosperity of the Capital Market

نویسندگان [English]

  • Bahreh Heidarimoghadam 1
  • Mirfeiz Fallahshams 2
  • Gholamreza Zomorodian 3
1 PhD Student, Department of Financial Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran
2 Professor, Department of Business Administration, Central Tehran Branch, Islamic Azad University, Tehran, Iran
3 Professor, Department of Financial Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran
چکیده [English]

The purpose of this study is to investigate the ability of mutual fund investors to predict the performance of mutual funds and select a fund with higher returns. To predict whether investors and the cash they enter into investment funds will be able to select a more efficient fund, first, the information of 34 funds in the period 2012 to 2020 was Collected to examine the intelligence of cash. The economic prosperity periods of the market were then examined separately to determine whether investors had acted differently in different market periods. Also, real and legal investors are separated from each other to examine the performance of each separately. Using Carhart's four-factor model, the adjusted return on risk of the funds was calculated to assess the intelligence of investors, which showed that group of real and legal investors, at the time of entry during market blooming and at the time of exit money during market stagnation act wisely in mutual funds.

کلیدواژه‌ها [English]

  • Cash flow
  • Intelligence of investor
  • Economic prosperity
  • legal investors
  • Real investors

مراجع

 
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راهبرد مدیریت مالی
دوره 13، شماره 1 - شماره پیاپی 48
فروردین 1404
صفحه 141-166

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  • تاریخ دریافت: 24 بهمن 1402
  • تاریخ بازنگری: 11 اردیبهشت 1403
  • تاریخ پذیرش: 13 اسفند 1403

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