本文選題：開放式基金 + 申購��； 參考：《暨南大學(xué)》2012年碩士論文

【摘要】：開放式基金的業(yè)績水平與資金流向之間的關(guān)系是國內(nèi)外對開放式基金的研究重點。目前國外成熟市場的研究表明基金業(yè)績越好、資金凈流入也會越多，這符合開放式基金的設(shè)計初衷，對基金的健康發(fā)展具有“優(yōu)勝劣汰”的激勵作用；而國內(nèi)的相關(guān)研究卻得出了與國外完全相反的結(jié)論，我國開放式基金市場存在著基金業(yè)績越好、資金凈流出也越多的“贖回困惑”現(xiàn)象，這對基金的健康發(fā)展是很不利的。 本文研究的重點就是這種“贖回困惑”現(xiàn)象，不過在分析數(shù)據(jù)時選擇了較有代表性的一個時間段作為研究區(qū)間，且研究的樣本數(shù)量和時間周期也都比較多，，屬于大樣本的研究方式。另外為了研究結(jié)論的精確性，本文把開放式基金分為股票型基金、混合型基金和債券型基金三類分別進行研究，并同時研究了各因素對基金的申購、贖回和凈贖回產(chǎn)生的影響。 經(jīng)過對我國開放式基金的季度數(shù)據(jù)進行實證分析，本文得出的關(guān)于“贖回困惑”現(xiàn)象的主要結(jié)論為：基金的大規(guī)模贖回現(xiàn)象在股票型基金、混合型基金和債券型基金中是依次遞減的，其中股票型基金仍表現(xiàn)出明顯的基金業(yè)績越高、凈贖回也越高的“贖回困惑”現(xiàn)象，混合型基金的凈贖回基本不受基金業(yè)績好壞的影響，而債券型基金已經(jīng)具有了基金業(yè)績越高、投資者對基金的凈贖回越低的“優(yōu)勝劣汰”的激勵作用。
[Abstract]:The relationship between the performance level of open funds and the flow of funds is the focus of research on open funds at home and abroad. At present, the research of mature markets abroad shows that the better the performance of the fund and the more net inflow of funds, which is in line with the original intention of the design of the open-end fund, and has the incentive effect on the "survival of the fittest" for the development of the fund. But the relevant research in China has concluded that the open fund market in our country has the better performance of the fund and the more "redemption perplexity" phenomenon of the net outflow of funds, which is very bad for the healthy development of the fund.
The focus of this study is the "redemption puzzlement" phenomenon, but in the analysis of data, a more representative time period is selected as the research interval, and the number of samples and the time period of the study are much more, and it belongs to the large sample. In addition, in order to study the accuracy of the conclusion, this paper divides the open-end fund into stock. The three types of fund, mixed fund and bond fund are studied separately, and the influence of various factors on the purchase, redemption and net redemption of the fund is also studied.
After the empirical analysis of the quarterly data of China's open fund, the main conclusion of the "redemption puzzlement" phenomenon is that the large-scale redemption of the fund is decreasing in turn in the stock fund, the mixed fund and the bond fund, in which the stock fund still shows the higher performance of the fund. The higher redemption is the "redemption perplexity" phenomenon, the net redemption of the hybrid fund is not affected by the performance of the fund, but the bond fund has already had the higher performance of the fund, the lower the net redemption of the fund, the incentive effect of the "survival of the fittest".

【學(xué)位授予單位】：暨南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51

【參考文獻】

相關(guān)期刊論文 前10條

1 李曜,于進杰;開放式基金贖回機制的外部效應(yīng)[J];財經(jīng)研究;2004年12期

2 張建江;周長鳴;;開放式基金贖回問題的再研究[J];工業(yè)技術(shù)經(jīng)濟;2009年01期

3 李金鑫;;開放式債券基金贖回行為的實證研究[J];海南金融;2010年05期

4 姚頤,劉志遠;我國開放式基金贖回行為的實證研究[J];經(jīng)濟科學(xué);2004年05期

5 任淮秀;汪濤;;我國開放式基金贖回行為的實證分析[J];經(jīng)濟理論與經(jīng)濟管理;2007年06期

6 陸蓉;陳百助;徐龍炳;謝新厚;;基金業(yè)績與投資者的選擇——中國開放式基金贖回異�，F(xiàn)象的研究[J];經(jīng)濟研究;2007年06期

7 虞紅霞;王啟亮;陳f^;;我國股票型開放式基金贖回行為的研究[J];金融理論與實踐;2008年08期

8 趙萍;朱洪亮;;中國開放式基金贖回影響因素研究[J];金融理論與實踐;2008年09期

9 李學(xué)峰;李心印;張艦;;開放式基金持有人申購贖回行為“收益敏感性指標”的分析[J];金融理論與實踐;2009年05期

10 汪慧建;張兵;周安寧;;中國開放式基金贖回異象的實證研究[J];南方經(jīng)濟;2007年08期

本文編號：1854001