基金的资金流动影响因素分析

发布时间：2018-02-01 12:47

本文关键词： 开放式基金基金资金流影响因素　出处：《西南财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：不同于封闭式基金期限、规模固定,开放式基金给予了投资者自由申购赎回的权利,致使基金规模难以确定。而且基金的自由申赎机制同时对基金管理公司及整个证券市场影响颇大。因此,研究基金的资金流动机制很有必要。基于相关文献我们发现,基金资金流主要受三方面的因素影响：基金自身因素、市场因素、投资者个人因素。本文在此基础上对基金的影响因素从两方面进行了深入分析,一方面,基于以上三个角度对基金资金流的影响因素进行静态分析；另一方面,遴选出对基金资金流有持续影响的因素进行动态分析,探寻其中的作用机理。基金资金流影响因素静态分析发现：(1)分红显著正向影响基金净流量；(2)市场收益率的提高会对基金净流量产生正向影响；(3)机构投资者比例越高,能够吸引更多的基金净流量；(4)基金规模系数显著为正。基金资金流影响因素动态分析发现：(1)市场收益率的提高,基金净流量与申购量有所增长,但非根本原因；基金赎回也将显著增长,是基金赎回的根本因素。(2)风险调整后的基金收益对基金申购量与基金净流量的正向影响很大,是根本的因素；而对基金赎回量影响微弱。(3)基金净流量、基金申购量、基金赎回量都是自身的主导因素,对自身的影响很大。相比先前有关文献,本文主要有以下几方面的突破与创新：(1)理论与实证分析并存。(2)解释变量有所优化；(3)综合应用了两种方法全方位地分析影响基金流量的因素。另外,本文存在以下几方面不足：(1)模型的形式有待优化；(2)变量有遗漏；(3)样本容量有限。
[Abstract]:Different from the term of closed-end funds, fixed scale, open-end funds give investors the right to purchase and redeem freely. It is difficult to determine the size of the fund and the mechanism of freely applying for foreclosure has a great influence on the fund management company and the whole securities market. Therefore, it is necessary to study the mechanism of fund flow. Based on the relevant literature, we find that the fund flow is mainly affected by three factors: the fund itself factors, market factors. On the basis of this, this paper makes a deep analysis of the influencing factors of the fund from two aspects. On the one hand, based on the above three angles, the paper makes a static analysis of the influencing factors of the fund flow; On the other hand, the factors which have a lasting effect on fund flow are selected and the mechanism is explored. The static analysis of the influencing factors of fund flow shows that the dividend has a significant positive effect on the net flow of the fund. 2) the increase of market rate of return will have a positive effect on the net flow of the fund; (3) the higher the proportion of institutional investors, the more net fund flow can be attracted; The fund scale coefficient is significantly positive. The dynamic analysis of the influencing factors of fund flow found that the increase of the market yield, the increase of fund net flow and the amount of requisition, but not the root cause; The fund redemption will also increase significantly, which is the fundamental factor of fund redemption. (2) the fund income after risk adjustment has a great positive effect on the fund requisition volume and the fund net flow, which is the fundamental factor; On the other hand, the net flow, requisition and redemption of funds are the dominant factors, which have a great influence on themselves. Compared with the previous literature, this paper mainly has the following breakthrough and innovation: 1) Theory and empirical analysis coexist. 2) the explanatory variables are optimized; Comprehensive application of two methods to analyze the overall impact of the fund flow factors. In addition, there are some shortcomings in the following aspects: the form of the model needs to be optimized. There are omissions in the variables and the sample size is limited.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F830.42;F224

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