本文選題：市場狀態(tài) + 開放式股票型基金�。� 參考：《暨南大學》2014年碩士論文

【摘要】：本文采用2006至2012年季度資料，對中國開放式股票型基金投資者的贖回行為進行實證研究。相較于過去探討中國基金投資者贖回行為的文獻，本文不僅區(qū)分不同程度的獲利(大贏與小贏)與虧損(小輸與大輸)，還更進一步研究了，在不同市場狀態(tài)下，，基金投資者是否會發(fā)生不同型態(tài)的贖回行為。 本文研究結果表明，在不同市場狀態(tài)下，當基金投資者面對不同程度的獲利與虧損時，的確會發(fā)生不同型態(tài)的贖回行為。例如：在多頭市場狀態(tài)，績效為大贏時，發(fā)現(xiàn)基金投資者贖回大贏的意愿更低，即文獻上所稱贖回大贏意愿更低的私房錢效應；在盤整市場狀態(tài)，績效為小輸時，基金投資者顯著地積極贖回小輸，即發(fā)生文獻上所稱積極贖回小輸?shù)哪嫣幹眯辉诙囝^市場狀態(tài)，績效為小輸時，發(fā)現(xiàn)基金投資者贖回輸家不顯著，即文獻上所稱拙于贖回小輸?shù)奶幹眯欢诜嵌囝^市場狀態(tài)(即空頭市場狀態(tài)與盤整市場狀態(tài))，績效為大輸時，基金投資者贖回大輸顯著，即發(fā)生文獻上所稱積極贖回大輸?shù)哪嫣幹眯?由于基金投資者在不同的市場狀態(tài)下，有著不同型態(tài)的贖回行為，這表示對基金投資者贖回行為的研究而言，區(qū)分市場狀態(tài)是有必要的；而基金的相關決策者，亦可針對不同的市場狀態(tài)制定不同的管理和投資策略，以提高基金市場的有效性。
[Abstract]:Based on the quarterly data from 2006 to 2012, this paper makes an empirical study on the redemption behavior of Chinese open-end equity fund investors. Compared with the literature on redemption behavior of Chinese fund investors in the past, this paper not only distinguishes between different degrees of profit (big win and small win) and loss (small loss and big loss), but also further studies, under different market conditions, Fund investors will have different types of redemption behavior. The results of this paper show that under different market conditions, when fund investors face different profits and losses, different redeeming behaviors do occur. For example, in the long market state, when the performance is a big win, it is found that the fund investors are less willing to redeem the big win, that is, the private property effect of the lower desire to redeem the big win, and in the consolidation market state, when the performance is a small loss, The fund investors significantly actively redeem the small losses, that is, the reverse disposal effect of the active redemption of the small losses referred to in the literature; in the long market state, the performance of the small losses, it is found that the fund investors redemption loss is not significant, That is to say, the disposal effect of non-bullish market (that is, short market state and consolidation market state) is worse than the disposal effect of redemption in the literature, but when the performance of the fund investor is a big loss, the fund investor loses significantly in redemption, and in the non-long market state (that is, the short market state and the consolidation market state), That is to say, the positive redemption of the reverse disposal effect occurred in the literature. Because fund investors have different types of redemption behavior under different market conditions, it means that it is necessary to distinguish the market state for the study of redemption behavior of fund investors, and the relevant decision makers of the fund, Different management and investment strategies can also be made according to different market conditions to improve the effectiveness of the fund market.
【學位授予單位】：暨南大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F224

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