【摘要】：本文在回顧國(guó)內(nèi)外學(xué)者們關(guān)于開放式基金投資者贖回行為影響因素相關(guān)研究成果的基礎(chǔ)上,基于我國(guó)開放式基金市場(chǎng)發(fā)展的實(shí)際情況,將開放式基金投資者贖回行為的影響因素劃分為宏觀環(huán)境因素、基金管理因素、基金投資者因素和基金特征的因素,并細(xì)分為8個(gè)影響因素變量,并對(duì)各因素開放式基金投資者贖回行為之間的關(guān)系進(jìn)行了單獨(dú)實(shí)證性分析和全面考慮各因素后的綜合性實(shí)證分析。 通過(guò)的實(shí)證檢驗(yàn),得出了如下基本結(jié)論：(1)證券市場(chǎng)發(fā)展水平與開放式基金投資者贖回率之間呈負(fù)相關(guān)關(guān)系,即證券市場(chǎng)發(fā)展水平越高,開放式基金投資者對(duì)開放式基金的贖回越低；證券市場(chǎng)發(fā)展水平越低,開放式基金投資者對(duì)開放式基金的贖回越高。(2)開放式基金規(guī)模對(duì)開放式基金投資者贖回率存在著一定的正向影響機(jī)制,即開放式基金規(guī)模越大,開放式基金投資者對(duì)開放式基金的贖回越高；開放式基金規(guī)模越低,開放式基金投資者對(duì)開放式基金的贖回越低。(3)開放式基金業(yè)績(jī)(凈值)與開放式基金投資者贖回呈現(xiàn)反方向變動(dòng)的關(guān)系,即開放式基金業(yè)績(jī)?cè)胶?凈值越高),開放式基金的贖回比例越低；開放式基金業(yè)績(jī)?cè)讲?凈值越低),開放式基金的贖回比例越高。由此本文假設(shè)3得以驗(yàn)證。(4)開放式基金分紅金額與開放式基金投資者贖回行為之間存在同方向變化的關(guān)系,而開放式基金分紅次數(shù)與開放式基金投資者贖回行為之間則存在反方向變化的特征。(5)開放式基金贖回費(fèi)率與開放式基金投資者贖回行為之間呈現(xiàn)出反方向變動(dòng)的特征,即開放式基金贖回費(fèi)率越高,開放式基金的贖回比例越低；開放式基金贖回費(fèi)率越低,開放式基金的贖回比例越高。(6)開放式基金機(jī)構(gòu)投資者占所有開放式投資者的比例大小與開放式基金投資者的贖回行為之間呈現(xiàn)出同方向變動(dòng)的關(guān)系,即開放式基金機(jī)構(gòu)投資者占所有開放式投資者的比例越大,開放式基金投資者的贖回行為越多,開放式基金機(jī)構(gòu)投資者占所有開放式投資者的比例越小,開放式基金投資者的贖回行為越少。(7)開放式基金成立時(shí)間長(zhǎng)短與開放式基金投資者贖回行為之間呈現(xiàn)出同方向變動(dòng)的關(guān)系,即開放式基金成立時(shí)間越長(zhǎng),開放式基金投資者的贖回行為越多,開放式基金成立時(shí)間越短,開放式基金投資者的贖回行為越少。 本文的研究,一方面,是對(duì)基金贖回理論在我國(guó)開放式基金應(yīng)用研究領(lǐng)域的理論擴(kuò)展,另一方面,為我國(guó)開放式基金在發(fā)展過(guò)程中科學(xué)地進(jìn)行贖回決策并由此來(lái)促進(jìn)我國(guó)開放式基金行業(yè)的健康發(fā)展提供有效的實(shí)踐參考。因此,本文的研究,無(wú)論是在理論發(fā)展層面,還是在具體的執(zhí)行操作層面,都具有重要的意義與價(jià)值。
[Abstract]:On the basis of reviewing the research results of domestic and foreign scholars on the influential factors of redemption behavior of open-end fund investors, this paper is based on the actual situation of the development of open-end fund market in China. The influencing factors of redemption behavior of open-end fund investors are divided into macro-environment factor, fund management factor, fund investor factor and fund characteristic factor, and divided into 8 factors variables. This paper also analyzes the relationship between the redemption behavior of open-end fund investors and the comprehensive empirical analysis after considering each factor in an all-round way. Through the empirical test, the following basic conclusions are drawn: (1) there is a negative correlation between the development level of the securities market and the redemption rate of open-end fund investors, that is, the higher the level of development of the securities market, the higher the level of development of the securities market. The lower the redemption of open-end fund investors; The lower the level of development of the securities market, the higher the redemption of open-end fund investors. (2) the scale of open-end fund has a positive effect on the redemption rate of open-end fund investor, that is, the larger the open-end fund size, the higher the redemption rate of open-end fund. The higher the redemption of open-end fund investors; The lower the size of open-end funds, the lower the redemption of open-end fund investors. (3) the relationship between open-end fund performance (net value) and open-end fund investors' redemption changes in the opposite direction. That is, the better the performance of open-end funds (the higher the net value), the lower the redemption ratio of open-end funds; The worse the performance of open-end funds (the lower the net value), the higher the redemption ratio of open-end funds. (4) there is a relationship between the dividend amount of open-end fund and the redemption behavior of open-end fund investors in the same direction. However, there is a reverse change between the number of dividends and the redemption behavior of open-end fund investors. (5) the redeeming rate of open-end fund and the redemption behavior of open-end fund investors have the characteristics of reverse-direction change. That is, the higher the redemption rate of open-end funds, the lower the redemption ratio of open-end funds; The lower the redemption rate for open-end funds, The higher the redemption ratio of open-end funds is. (6) the relationship between the ratio of open-end fund institutional investors to all open-ended investors and the redemption behavior of open-end fund investors is in the same direction. That is, the larger the proportion of open-end fund institutional investors in all open-ended investors, the more redemption behavior of open-end fund investors, and the smaller the proportion of open-ended fund institutional investors in all open-ended investors. The less redemption behavior of open-end fund investors is. (7) the relationship between the establishment time of open-end fund and the redemption behavior of open-end fund investors shows the same direction, that is, the longer the open-end fund is established, the longer the open-end fund is established. The more redemption behavior of open-end fund investors, the shorter the establishment time of open-end fund, and the less redemption behavior of open-end fund investors. The research in this paper, on the one hand, is an extension of the theory of fund redemption theory in the application of open-end funds in China, on the other hand, In order to promote the healthy development of China's open-end fund industry, an effective practical reference is provided for China's open-end fund to make a scientific redemption decision in the course of its development. Therefore, the research of this paper is of great significance and value both in theory development level and in concrete execution operation level.
【學(xué)位授予單位】：浙江大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F830.91;F224

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