我国创新分级基金资金净流入的影响因素的实证研究

发布时间：2018-01-16 06:25

本文关键词：我国创新分级基金资金净流入的影响因素的实证研究　出处：《暨南大学》2012年硕士论文　论文类型：学位论文

【摘要】：基金业正经历着成立以来最艰难的时期，改革创新成为基金业的必然选择，基金产品的创新是其中重要一环。在基金产品创新大浪潮下，中国分级基金为打破传统封闭式基金僵局而生，却凭借其独特的产品结构和交易模式在开放式基金领域得到发展，在震荡下行的市场环境中逐渐壮大。本文通过系统分析分级基金的产生与发展，发现区别于普通开放式基金，分级基金具有结构化收益，场内外交易，配对转换套利机制等特点，使得投资者对分级基金申购赎回的决策行为也具有不同特征。普通开放式基金投资者在做出申购赎回决策时，主要考虑的因素包括基金净值风险调整后收益率、基金净值、市场风险调整后收益率、基金净值排名、基金分红、基金成立时间，而这些一般性的因素在分级基金投资决策中却有不同表现。本文着力研究分级基金资金净流入影响因素，借此分析分级基金投资者决策行为的特点。通过研究发现，，区别于普通开放式基金，分级基金的基金收益率、净值、成立时间不是投资决策的主要动因，分级基金投资者更关注分级基金杠杆、成交额、基金份额折溢价等分级基金特有的因素，投资者更倾向于将分级基金作为场内交易型工具。并且，市场收益率与分级基金资金净流入不显著相关，说明分级基金投资对市场行情的依赖较低。因此，分级基金未来的发展应该向着提高场内活跃度，创造有效杠杆，满足投资者交易需求等方向突破。
[Abstract]:The fund industry is experiencing the most difficult period since its establishment, reform and innovation become the inevitable choice of the fund industry, the innovation of fund products is one of the important links. In order to break the deadlock of the traditional closed-end funds, the Chinese graded funds have been developed in the field of open-end funds with their unique product structure and trading mode. Through the systematic analysis of the emergence and development of graded funds, it is found that different from ordinary open-end funds, hierarchical funds have structured returns and trade in and out of the field. The characteristics of matching and converting arbitrage make investors have different characteristics in the decision of purchase and redemption of graded funds. When ordinary open-end fund investors make the decision of requisition and redemption. The main factors to be considered include the rate of return after risk adjustment, the net value of the fund, the rate of return after the adjustment of market risk, the ranking of the net worth of the fund, the dividend of the fund, and the time of the establishment of the fund. But these general factors have different performance in the investment decision of the classified fund. This paper focuses on the factors affecting the net inflow of classified funds to analyze the characteristics of investors' decision-making behavior. Through the study, it is found that, different from the general open-end funds, the fund returns of graded funds are different from those of ordinary open-end funds. Net value, the time of establishment is not the main motivation of investment decision-making, graded fund investors pay more attention to graded fund leverage, turnover, fund share discount premium and other specific factors of graded funds. Investors are more inclined to use graded funds as an in-exchange trading tool. Moreover, the market yield is not significantly related to the net inflow of graded funds, which indicates that the investment of graded funds is less dependent on the market. The development of graded funds in the future should be to improve the activity in the market, create effective leverage, and meet the trading needs of investors.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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