传统封闭式基金折价原因的实证分析以及创新型封闭式基金的改进

发布时间：2018-06-09 12:51

本文选题：封闭式基金折价 + 折价率　；参考：《复旦大学》2013年硕士论文

【摘要】：证券投资基金是广大中小投资者的一个主要投资渠道,根据在基金存续期内是否可以赎回,一般可以分为封闭式基金和开放式基金,中国第一只证券投资基金基金——基金开元与1998年成立,这是一只传统意义上的封闭式基金,也是最为正统的封闭式基金,因为基金份额在封闭期内完全封闭,投资者只能够通过二级市场交易才能够收回投资。传统封闭式基金是我国发行的第一批公募证券投资基金,到2002年为止一共发行了54只(2002年以后传统封闭式基金没有再发行过),而在此后,各大基金公司转而纷纷转为发行开放式证券投资基金,传统封闭式基金完全被市场所抛弃。传统封闭式基金在上市后不久便纷纷处于折价交易的状态,并且折价幅度一度高达40%以上,给投资者造成了非常大的损失,这也是导致2002年以后我国没有再发行过传统封闭式基金的主要原因之一,因为这种基金得不到投资者的认可。 2007年,在基金存续期、.基金治理制度、投资者保护等方面做了较大幅度的改革和创新的创新型封闭式基金发行。这些创新主要是为了消除或者减少传统封闭式基金折价现象给投资者造成的损失,但是创新型封闭式基金也并没有完全消除折价现象,很多新型封闭式基金在发行后仍然出现了折价,并且呈现出一些与传统封闭式基金折价所不同的特征。国外的基金行业有着上百年的历史,也出现过封闭式基金大面积折价现象,国外学者对此做过很多研究,从不同的角度,提出了很多相关的理论和解释,并且在国外市场中都得到了不同程度的验证。笔者认为,在研究国内外都出现过的现象时,借鉴国外的优秀理论是非常有必要的。本文先用中国市场的传统封闭式基金相关数据来对国外的主流理论解释进行检验,以判断这些理论在中国的适用性究竟如何,从而找出一些导致中国传统封闭式基金折价的主要因素。因为传统封闭式基金是最为纯粹的封闭式基金,是用来研究折价现象的最好对象。在找出导致传统封闭式基金折价的原因之后,本文会从这些角度进一步对目前很流行的创新型封闭式基金的创新之处进行分析和评价,并提出封闭式基金改进所应该遵循的主要思路。
[Abstract]:Securities investment funds are a major investment channel for the majority of small and medium-sized investors. According to whether they can be redeemed during the life of the fund, they can generally be divided into closed-end funds and open-end funds. China's first securities investment fund, Kaiyuan, was established in 1998. It is a traditional closed-end fund and the most orthodox closed-end fund, because the fund share is completely closed during the closed period. Investors can only reclaim their investments by trading in the secondary market. Traditional closed-end funds are the first batch of publicly raised securities investment funds issued in our country. Up to 2002, a total of 54 funds have been issued. (since 2002, the traditional closed-end funds have not been issued again, but since then, In turn, the major fund companies have turned to issuing open-end securities investment funds, and the traditional closed-end funds have been completely abandoned by the market. The traditional closed-end funds have been in a state of discount trading soon after their listing. And the discount was once as high as 40% or more, which caused great losses to investors. This is also one of the main reasons that China has not issued any more traditional closed-end funds since 2002. Because such funds are not recognized by investors. In 2007, in the fund's lifetime. Fund governance system, investor protection and other aspects of the reform and innovation of innovative closed-end fund issuance. The main purpose of these innovations is to eliminate or reduce the losses caused to investors by the traditional closed-end fund discount phenomenon, but the innovative closed-end fund has not completely eliminated the discount phenomenon. Many new closed-end funds still have a discount after they have been issued, and they show some characteristics different from those of the traditional closed-end funds. The foreign fund industry has a history of more than 100 years. There has also been a large area discount phenomenon of closed-end funds, foreign scholars have done a lot of research, from different angles, put forward a lot of relevant theories and explanations, and in the foreign market has been verified to varying degrees. The author believes that it is very necessary to learn from foreign excellent theories when studying the phenomena that have occurred both at home and abroad. Firstly, this paper uses the traditional closed-end fund related data of China market to test the main theories of foreign countries. In order to judge the applicability of these theories in China, we can find out some main factors leading to the discount of Chinese traditional closed-end funds. Because the traditional closed-end fund is the purest closed-end fund, is used to study the best object of discount phenomenon. After finding out the reasons leading to the discount of the traditional closed-end funds, this paper will further analyze and evaluate the innovations of the innovative closed-end funds, which are very popular at present. And put forward the closed-end fund improvement should follow the main ideas.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F224

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