中国开放式基金赎回现象研究

发布时间：2018-01-05 06:27

本文关键词：中国开放式基金赎回现象研究　出处：《云南社会科学》2017年02期 　论文类型：期刊论文

【摘要】：国内已有文献往往利用线性模型研究基金业绩与资金净流入的关系,并引发了关于中国基金市场是否存在“赎回异象”的争论。基于2007~2015年中国开放式基金的季度数据,利用半参数模型对中国开放式基金市场赎回现象进行的实证研究结果显示,中国基金业绩和资金净流量并非呈现简单的线性关系,而是呈现明显的倒U型关系;样本数据显示,当基金业绩大于12%左右时,基金市场存在明显的异常赎回现象。这说明,在中国的基金市场上,基金业绩对资金净流入的正面影响是有限的。由此可以推断中国基金市场上存在大量的短期投机行为。对此,证监会应该加强对基金市场上高风险投机行为的监管;基金管理公司可以尝试建立预防基金异常赎回的预警机制,并及时给投资者分红。
[Abstract]:Domestic literatures often use linear model to study the relationship between fund performance and net inflow of funds. Based on the quarterly data of open-end funds in China from 2007 to 2015, there is a debate about whether there is a "redemption anomaly" in the Chinese fund market. The empirical study on the redemption phenomenon of China's open-end fund market using semi-parametric model shows that the performance of Chinese funds and the net flow of funds are not simple linear relationship, but show obvious inverted U-shaped relationship. Sample data show that when the fund performance is more than 12%, there is obvious abnormal redemption phenomenon in the fund market. This shows that the fund market in China. The positive effect of fund performance on net capital inflow is limited. It can be inferred that there are a lot of short-term speculation in Chinese fund market. CSRC should strengthen the supervision of high-risk speculation in the fund market; Fund management companies can try to establish an early warning mechanism to prevent abnormal redemption of funds and pay dividends to investors in time.
【作者单位】：南京大学经济学院;
【分类号】：F832.21
【正文快照】： 近年来,中国基金市场快速发展,并引起了众多学者的关注,其中关于基金的赎回问题一直是中国基金领域研究的热点问题之一。中国第一支开放式基金成立于2001年9月,然而从诞生之日起开放式基金就一直伴随着巨大的赎回压力。申购和赎回制是中国开放式基金市场的基本制度。投资者申

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