摘要
研究股票型开放式基金申购赎回的影响因素无论是对基金投资者、基金管理公司还是证券监管机构都有重要意义。国内的主要研究集中在是否存在"赎回异象"方面,以我国30只股票型开放式基金2008年至2013年的季度数据为样本,对申购和赎回的影响因素分别进行Panel Data模型分析,试图对此问题进行较全面的研究。研究发现:投资者的申购行为受基金历史业绩、基金规模和单位分红金额等因素的影响;在赎回基金时考虑的因素包括:基金价格、单位分红金额、存续时间、历史业绩和基金风险;我国基金市场上存在"赎回异常"的现象。
To study the factors influencing the purchase and redemption of equity open-end fund is of great significance for fund investors,fund management companies and securities regulators.Recent domestic researches concerning the issue mainly focus on the existence of the＂vision of redemption＂.This paper uses as samples the quarterly data of 30 Chinese equity open-end funds from 2008 to 2013and studies the factors influencing the purchase and redemption respectively through Panel Data Model analysis.The results indicate that investors＇ purchase is influenced by historical performance of fund,fund size and unit dividend amount,and investors＇ redemption by fund price,unit dividend amount,survival time,historical performance of fund and fund risk.The results also indicate that abnormal redemption does exist in the open-end fund market in China.
出处
《安徽农业大学学报（社会科学版）》
2016年第2期43-47,共5页
Journal of Anhui Agricultural University:SOC.SCI.
关键词
股票型开放式基金
申购
赎回
影响因素
equity open-end fund
purchase
redemption
influencing factors
