对于基金经理人,市场收益择时能力和波动择时能力是一个决定性的因素。随着公募基金越来越受关注,如何专业而又科学的对公募基金的绩效进行评价和衡量则成为很多投资者最为关注的问题。这篇文章将深入研究中国基金从2006年1月1日到2010年12月13日期间公募基金的市场择时能力和波动择时能力的联合效益,通过构建市场波动模型(Busse,1999)和联合效益模型(Chen和Liang,2006)来分析时序数据,并对基金的市场表现进行理论与现实的分析。 For fund managers, market timing and timing of the timing of volatility is a decisive factor. With the public funds attracting more and more attention, how to evaluate and measure the performance of public funds in a professional and scientific way has become the most concern of many investors. This article will study in depth the joint benefits of China Fund’s market timing and volatility timing from January 1, 2006 to December 13, 2010 by building a market volatility model (Busse, 1999) and Joint Benefit Model (Chen and Liang, 2006) to analyze time series data and to analyze the market performance of the fund theoretically and practically.