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  本文關(guān)鍵詞：我國創(chuàng)新分級(jí)基金資金凈流入的影響因素的實(shí)證研究　出處：《暨南大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 創(chuàng)新分級(jí)基金 基金產(chǎn)品創(chuàng)新 基金資金凈流入

【摘要】：基金業(yè)正經(jīng)歷著成立以來最艱難的時(shí)期，改革創(chuàng)新成為基金業(yè)的必然選擇，基金產(chǎn)品的創(chuàng)新是其中重要一環(huán)。在基金產(chǎn)品創(chuàng)新大浪潮下，中國分級(jí)基金為打破傳統(tǒng)封閉式基金僵局而生，卻憑借其獨(dú)特的產(chǎn)品結(jié)構(gòu)和交易模式在開放式基金領(lǐng)域得到發(fā)展，在震蕩下行的市場(chǎng)環(huán)境中逐漸壯大。本文通過系統(tǒng)分析分級(jí)基金的產(chǎn)生與發(fā)展，發(fā)現(xiàn)區(qū)別于普通開放式基金，分級(jí)基金具有結(jié)構(gòu)化收益，場(chǎng)內(nèi)外交易，配對(duì)轉(zhuǎn)換套利機(jī)制等特點(diǎn)，使得投資者對(duì)分級(jí)基金申購贖回的決策行為也具有不同特征。普通開放式基金投資者在做出申購贖回決策時(shí)，主要考慮的因素包括基金凈值風(fēng)險(xiǎn)調(diào)整后收益率、基金凈值、市場(chǎng)風(fēng)險(xiǎn)調(diào)整后收益率、基金凈值排名、基金分紅、基金成立時(shí)間，而這些一般性的因素在分級(jí)基金投資決策中卻有不同表現(xiàn)。 本文著力研究分級(jí)基金資金凈流入影響因素，借此分析分級(jí)基金投資者決策行為的特點(diǎn)。通過研究發(fā)現(xiàn)，，區(qū)別于普通開放式基金，分級(jí)基金的基金收益率、凈值、成立時(shí)間不是投資決策的主要?jiǎng)右颍旨?jí)基金投資者更關(guān)注分級(jí)基金杠桿、成交額、基金份額折溢價(jià)等分級(jí)基金特有的因素，投資者更傾向于將分級(jí)基金作為場(chǎng)內(nèi)交易型工具。并且，市場(chǎng)收益率與分級(jí)基金資金凈流入不顯著相關(guān)，說明分級(jí)基金投資對(duì)市場(chǎng)行情的依賴較低。因此，分級(jí)基金未來的發(fā)展應(yīng)該向著提高場(chǎng)內(nèi)活躍度，創(chuàng)造有效杠桿，滿足投資者交易需求等方向突破。
[Abstract]:The fund industry is experiencing the most difficult period since its establishment, reform and innovation become the inevitable choice of the fund industry, the innovation of fund products is one of the important links. In order to break the deadlock of the traditional closed-end funds, the Chinese graded funds have been developed in the field of open-end funds with their unique product structure and trading mode. Through the systematic analysis of the emergence and development of graded funds, it is found that different from ordinary open-end funds, hierarchical funds have structured returns and trade in and out of the field. The characteristics of matching and converting arbitrage make investors have different characteristics in the decision of purchase and redemption of graded funds. When ordinary open-end fund investors make the decision of requisition and redemption. The main factors to be considered include the rate of return after risk adjustment, the net value of the fund, the rate of return after the adjustment of market risk, the ranking of the net worth of the fund, the dividend of the fund, and the time of the establishment of the fund. But these general factors have different performance in the investment decision of the classified fund. This paper focuses on the factors affecting the net inflow of classified funds to analyze the characteristics of investors' decision-making behavior. Through the study, it is found that, different from the general open-end funds, the fund returns of graded funds are different from those of ordinary open-end funds. Net value, the time of establishment is not the main motivation of investment decision-making, graded fund investors pay more attention to graded fund leverage, turnover, fund share discount premium and other specific factors of graded funds. Investors are more inclined to use graded funds as an in-exchange trading tool. Moreover, the market yield is not significantly related to the net inflow of graded funds, which indicates that the investment of graded funds is less dependent on the market. The development of graded funds in the future should be to improve the activity in the market, create effective leverage, and meet the trading needs of investors.
【學(xué)位授予單位】：暨南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224

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本文編號(hào)：1431936