我国开放式基金申购与赎回影响因素的实证研究

发布时间：2018-05-06 21:38

本文选题：开放式基金 + 申购　；参考：《暨南大学》2012年硕士论文

【摘要】：开放式基金的业绩水平与资金流向之间的关系是国内外对开放式基金的研究重点。目前国外成熟市场的研究表明基金业绩越好、资金净流入也会越多，这符合开放式基金的设计初衷，对基金的健康发展具有“优胜劣汰”的激励作用；而国内的相关研究却得出了与国外完全相反的结论，我国开放式基金市场存在着基金业绩越好、资金净流出也越多的“赎回困惑”现象，这对基金的健康发展是很不利的。本文研究的重点就是这种“赎回困惑”现象，不过在分析数据时选择了较有代表性的一个时间段作为研究区间，且研究的样本数量和时间周期也都比较多，，属于大样本的研究方式。另外为了研究结论的精确性，本文把开放式基金分为股票型基金、混合型基金和债券型基金三类分别进行研究，并同时研究了各因素对基金的申购、赎回和净赎回产生的影响。经过对我国开放式基金的季度数据进行实证分析，本文得出的关于“赎回困惑”现象的主要结论为：基金的大规模赎回现象在股票型基金、混合型基金和债券型基金中是依次递减的，其中股票型基金仍表现出明显的基金业绩越高、净赎回也越高的“赎回困惑”现象，混合型基金的净赎回基本不受基金业绩好坏的影响，而债券型基金已经具有了基金业绩越高、投资者对基金的净赎回越低的“优胜劣汰”的激励作用。
[Abstract]:The relationship between the performance level of open funds and the flow of funds is the focus of research on open funds at home and abroad. At present, the research of mature markets abroad shows that the better the performance of the fund and the more net inflow of funds, which is in line with the original intention of the design of the open-end fund, and has the incentive effect on the "survival of the fittest" for the development of the fund. But the relevant research in China has concluded that the open fund market in our country has the better performance of the fund and the more "redemption perplexity" phenomenon of the net outflow of funds, which is very bad for the healthy development of the fund.
The focus of this study is the "redemption puzzlement" phenomenon, but in the analysis of data, a more representative time period is selected as the research interval, and the number of samples and the time period of the study are much more, and it belongs to the large sample. In addition, in order to study the accuracy of the conclusion, this paper divides the open-end fund into stock. The three types of fund, mixed fund and bond fund are studied separately, and the influence of various factors on the purchase, redemption and net redemption of the fund is also studied.
After the empirical analysis of the quarterly data of China's open fund, the main conclusion of the "redemption puzzlement" phenomenon is that the large-scale redemption of the fund is decreasing in turn in the stock fund, the mixed fund and the bond fund, in which the stock fund still shows the higher performance of the fund. The higher redemption is the "redemption perplexity" phenomenon, the net redemption of the hybrid fund is not affected by the performance of the fund, but the bond fund has already had the higher performance of the fund, the lower the net redemption of the fund, the incentive effect of the "survival of the fittest".

【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

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