本文關(guān)鍵詞： 開放式基金 基金資金流 影響因素　出處：《西南財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：不同于封閉式基金期限、規(guī)模固定,開放式基金給予了投資者自由申購(gòu)贖回的權(quán)利,致使基金規(guī)模難以確定。而且基金的自由申贖機(jī)制同時(shí)對(duì)基金管理公司及整個(gè)證券市場(chǎng)影響頗大。因此,研究基金的資金流動(dòng)機(jī)制很有必要。 基于相關(guān)文獻(xiàn)我們發(fā)現(xiàn),基金資金流主要受三方面的因素影響：基金自身因素、市場(chǎng)因素、投資者個(gè)人因素。本文在此基礎(chǔ)上對(duì)基金的影響因素從兩方面進(jìn)行了深入分析,一方面,基于以上三個(gè)角度對(duì)基金資金流的影響因素進(jìn)行靜態(tài)分析；另一方面,遴選出對(duì)基金資金流有持續(xù)影響的因素進(jìn)行動(dòng)態(tài)分析,探尋其中的作用機(jī)理。 基金資金流影響因素靜態(tài)分析發(fā)現(xiàn)：(1)分紅顯著正向影響基金凈流量；(2)市場(chǎng)收益率的提高會(huì)對(duì)基金凈流量產(chǎn)生正向影響；(3)機(jī)構(gòu)投資者比例越高,能夠吸引更多的基金凈流量；(4)基金規(guī)模系數(shù)顯著為正。 基金資金流影響因素動(dòng)態(tài)分析發(fā)現(xiàn)：(1)市場(chǎng)收益率的提高,基金凈流量與申購(gòu)量有所增長(zhǎng),但非根本原因；基金贖回也將顯著增長(zhǎng),是基金贖回的根本因素。(2)風(fēng)險(xiǎn)調(diào)整后的基金收益對(duì)基金申購(gòu)量與基金凈流量的正向影響很大,是根本的因素；而對(duì)基金贖回量影響微弱。(3)基金凈流量、基金申購(gòu)量、基金贖回量都是自身的主導(dǎo)因素,對(duì)自身的影響很大。 相比先前有關(guān)文獻(xiàn),本文主要有以下幾方面的突破與創(chuàng)新：(1)理論與實(shí)證分析并存。(2)解釋變量有所優(yōu)化；(3)綜合應(yīng)用了兩種方法全方位地分析影響基金流量的因素。 另外,本文存在以下幾方面不足：(1)模型的形式有待優(yōu)化；(2)變量有遺漏；(3)樣本容量有限。
[Abstract]:Different from the term of closed-end funds, fixed scale, open-end funds give investors the right to purchase and redeem freely. It is difficult to determine the size of the fund and the mechanism of freely applying for foreclosure has a great influence on the fund management company and the whole securities market. Therefore, it is necessary to study the mechanism of fund flow. Based on the relevant literature, we find that the fund flow is mainly affected by three factors: the fund itself factors, market factors. On the basis of this, this paper makes a deep analysis of the influencing factors of the fund from two aspects. On the one hand, based on the above three angles, the paper makes a static analysis of the influencing factors of the fund flow; On the other hand, the factors which have a lasting effect on fund flow are selected and the mechanism is explored. The static analysis of the influencing factors of fund flow shows that the dividend has a significant positive effect on the net flow of the fund. 2) the increase of market rate of return will have a positive effect on the net flow of the fund; (3) the higher the proportion of institutional investors, the more net fund flow can be attracted; The fund scale coefficient is significantly positive. The dynamic analysis of the influencing factors of fund flow found that the increase of the market yield, the increase of fund net flow and the amount of requisition, but not the root cause; The fund redemption will also increase significantly, which is the fundamental factor of fund redemption. (2) the fund income after risk adjustment has a great positive effect on the fund requisition volume and the fund net flow, which is the fundamental factor; On the other hand, the net flow, requisition and redemption of funds are the dominant factors, which have a great influence on themselves. Compared with the previous literature, this paper mainly has the following breakthrough and innovation: 1) Theory and empirical analysis coexist. 2) the explanatory variables are optimized; Comprehensive application of two methods to analyze the overall impact of the fund flow factors. In addition, there are some shortcomings in the following aspects: the form of the model needs to be optimized. There are omissions in the variables and the sample size is limited.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F830.42;F224

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