我国股票型开放式基金赎回的相关研究

发布时间：2017-12-31 16:01

本文关键词：我国股票型开放式基金赎回的相关研究　出处：《天津财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：自2001年下半年我国设立第一只开放式基金,我国开放式基金市场已经走过了将近12个年头。开放式基金有别于封闭式基金,有其特有的“赎回机制”,投资者可以自主得决定随时购买或者出售基金份额,大大的增加了资金的流动性还有投资的灵活性,因而也具有较强的吸引力。在成熟的基金市场里,业绩好的基金能得到更多申购,因此能不断扩大规模,取得更好的业绩,而业绩差的基金得到不断赎回,规模变小甚至萎缩,最后退出市场,这样的机制能够提高资金的使用效率,实现资源的优化配置。但是在我国却出现了截然不同的现象,我们称之为“赎回异象”, 即基金的净值增长率越高,赎回率却也越高,而有些业绩比较差的基金赎回率却相对较低。这种赎回现象是不利于我国证券市场的稳定的,基金业绩上升、净值增长的时候,却遭到大面积的赎回,管理者不得不抛售证券以应对巨额的赎回,不但会加剧市场的波动与风险,而且会压低证券价格,进而使基金净值下降。我国这种现象促成了“劣胜优汰”的现象,背离了开放式基金最初设立的本质,造成证券市场的下挫,甚至可能出现恶性循环,而且会影响基金管理公司的积极性以及管理风格,对基金的操作产生很大的影响,最终影响基金投资者的个人利益。因此对赎回异象进行研究,寻找一些影响基金赎回的因素,并提出一些相关建议,有利于我国开放式基金更健康更长远的发展,对投资者树立正确投资观念也有重大作用。
[Abstract]:Since the second half of 2001 the establishment of China's first open-end fund, open-end fund market in China has gone through nearly 12 years. The open-end fund is different from the closed-end fund, with its unique "redemption mechanism", investors can independently decide at any time to buy or sell fund shares, greatly increased the capital the liquidity and investment flexibility, and thus has a strong attraction. In the mature capital market, good fund performance can get more purchase, so it can continue to expand the scale, to achieve better results, and the poor performance of the fund has been redeemed, smaller or even shrink, finally out of the market, such as the mechanism can improve the efficiency of the use of funds, optimize the allocation of resources. But in China there was a distinct phenomenon, we called "Redemption", namely the fund net value growth rate is high, But the redemption rate is also higher, and some relatively poor performance of the fund redemption rate is relatively low. This phenomenon of redemption is not conducive to the stability of the stock market, the fund performance increased, when net growth, has been redeemed in large areas, managers have to sell securities to deal with the huge redemption, not only will increased volatility and risk of the market, and will drive down the price of securities, and the fund net decline. This phenomenon in China contributed to the "survival of the fittest eliminating" phenomenon, a departure from the essence of open-end fund originally established, caused by the stock market decline, and may even affect the vicious spiral, and fund management companies actively and management style, have a great impact on the fund operation, and ultimately affect the personal interests of fund investors. So the research on the redemption, looking for some factors affecting the fund redemption, and Some relevant suggestions are beneficial to the healthier and more long-term development of China's open-end fund, and it also plays an important role in setting up correct investment ideas for investors.

【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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