我国股票型和偏股型开放式基金资金净流入影响因素研究

发布时间：2018-03-24 01:37

本文选题：股票型开放式基金　切入点：偏股型开放式基金　出处：《复旦大学》2008年硕士论文

【摘要】： 开放式基金的申购和赎回给其资产规模带来了不确定性。这种特性不但给基金管理人带来了资产管理、风险控制等方面的挑战,而且还会引发基金的买卖行为,并通过基金对市场的巨大影响将价格的波动传导到整个市场。可见,申购和赎回带来的开放式基金的资金净流入,对开放式基金的生存和发展以及市场的稳定都有着重要的影响。在这一背景下,本文试图研究我国股票型和偏股型开放式基金资金净流入的影响因素。本文结合我国开放式基金的发展现状和资金净流入现状,从资产选择理论和交易费用理论两个角度提出可能影响我国股票型和偏股型开放式基金资金净流入的因素,包括从资产选择理论提出的基金风险调整后收益、分红、市场的风险调整后的收益,以及从交易费用角度提出的基金管理净资产规模和净值收益率排名。从以上两个理论出发,本文设计两个面板数据回归模型,运用38支股票型或偏股型开放式基金17期的季度数据,分别进行回归分析,并得出以下结论:从资产选择理论的角度来说,首先,我国投资者在投资决策过程中“落袋为安”的“处置效应”远远超过了对通过历史价格推导出的预期收益的追求,结果是投资者更倾向于赎回业绩更好或是分红更少的开放式基金,而这也反映出我国的个人投资者的不成熟和证券市场的不规范。其次,股票市场的整体表现与股票型和偏股型开放式基金的净资金流入成正相关关系。而从交易费用对投资者决策的影响角度来说,估计结果证明基金净值收益率排名更高或管理净资产规模更大的开放式基金更容易得到投资者的青睐。这也间接地证明,知名度更高,或广告投入更大,或销售渠道建设投入更多的开放式基金更容易吸引投资者的资金。最后,文章结合分析结论提出促进我国开放式基金业发展的政策建议,包括加强投资者教育,进一步规范证券市场、利用分红来吸引基金的资金净流入、警惕市场的系统性风险以及减少基金市场的交易费用。
[Abstract]:The purchase and redemption of open-end funds bring uncertainty to their asset size. This characteristic not only brings challenges to fund managers in terms of asset management and risk control, but also leads to fund buying and selling. And through the enormous influence of funds on the market, price fluctuations are transmitted to the whole market. It can be seen that the net inflow of funds from open-end funds brought about by requisition and redemption, It has an important impact on the survival and development of open-end funds and the stability of the market. Under this background, this paper attempts to study the factors influencing the net inflow of equity and equity funds in China. Based on the development of open-end funds and the current situation of net inflow of funds in China, this paper puts forward the factors that may affect the net inflow of funds in China from the two angles of asset selection theory and transaction cost theory. It includes the income after risk adjustment, dividends, market risk adjusted income, and the scale of fund management net assets and the return on net worth put forward from the angle of transaction cost. Based on the above two theories, this paper designs two panel data regression models, and uses the quarterly data of 38 equity or partial open-end funds to carry out regression analysis. The conclusions are as follows: first of all, from the point of view of asset selection theory, the "disposal effect" of "falling in the bag" in the investment decision-making process is far more than the pursuit of the expected income derived from the historical price. As a result, investors tend to redeem open-end funds with better results or less dividends, which reflects the immaturity of our individual investors and the irregularities in the securities market. The overall performance of the stock market is positively correlated with the net inflow of equity and equity open-ended funds, and from the perspective of the impact of transaction costs on investors' decisions, Estimates show that open-end funds with higher net returns or larger net assets under management are more likely to be favoured by investors. Or sales channels to invest more open-end funds easier to attract investors. Finally, the paper puts forward some policy suggestions to promote the development of open-end fund industry in China, including strengthening investor education, further standardizing the securities market, and using dividends to attract the net inflow of funds. Be alert to systemic risks in the market and reduce transaction costs in the fund market.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2008
【分类号】：F832.5;F224

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