摘要
本文通过对国际基金行业发展经验的考察,发现短暂的市场调整并不能改变基金长期成长的趋势。文中分析了2007年以来牛熊市转变中基金持有人行为特征,发现一旦市场出现反弹,回到基金投资者的成本密集区,基金行业会承受一定的赎回压力,但由于持有人成本差异带来的行动不一致,不至于对行业和市场产生颠覆性的共振。本文还对我国基金行业未来产品发展趋势进行了研究,认为未来基金行业发展的机会来源于投资对象的创新、指数基金种类的逐渐丰富、投资目标的专注化等,定向募集资金管理业务有望逐渐成为基金公司重要收入来源。
By exploring international experiences of mutual fund industry, we find that short-term adjustment will not impair the long-run growth trend of mutual fund. We further analyze the behavior characteristics of fund holders during the bull-bear switch since 2007, and conclude that although redemption pressure does exist when market slumps, the cost divergence will cause different buy- or sell-actions, which will avoid catastrophic co-movement. Lastly, we focus on the future development of Chinese mutual fund industry, and conclude that the opportunities come from the investment target innovation, the increasing types of index funds, and the focusing on investment target etc. The Targeted fund raising management will become an important source of mutual fund income.
出处
《证券市场导报》
CSSCI
北大核心
2009年第1期21-28,共8页
Securities Market Herald
关键词
证券投资基金
基金行业
行业发展
Mutual Funds, Fund Industry, Industry Development
