本文選題：股票型開放式基金　切入點：偏股型開放式基金　出處：《復(fù)旦大學(xué)》2008年碩士論文

【摘要】： 開放式基金的申購和贖回給其資產(chǎn)規(guī)模帶來了不確定性。這種特性不但給基金管理人帶來了資產(chǎn)管理、風(fēng)險控制等方面的挑戰(zhàn),而且還會引發(fā)基金的買賣行為,并通過基金對市場的巨大影響將價格的波動傳導(dǎo)到整個市場�？梢�,申購和贖回帶來的開放式基金的資金凈流入,對開放式基金的生存和發(fā)展以及市場的穩(wěn)定都有著重要的影響。 在這一背景下,本文試圖研究我國股票型和偏股型開放式基金資金凈流入的影響因素。 本文結(jié)合我國開放式基金的發(fā)展現(xiàn)狀和資金凈流入現(xiàn)狀,從資產(chǎn)選擇理論和交易費用理論兩個角度提出可能影響我國股票型和偏股型開放式基金資金凈流入的因素,包括從資產(chǎn)選擇理論提出的基金風(fēng)險調(diào)整后收益、分紅、市場的風(fēng)險調(diào)整后的收益,以及從交易費用角度提出的基金管理凈資產(chǎn)規(guī)模和凈值收益率排名。 從以上兩個理論出發(fā),本文設(shè)計兩個面板數(shù)據(jù)回歸模型,運用38支股票型或偏股型開放式基金17期的季度數(shù)據(jù),分別進行回歸分析,并得出以下結(jié)論:從資產(chǎn)選擇理論的角度來說,首先,我國投資者在投資決策過程中“落袋為安”的“處置效應(yīng)”遠(yuǎn)遠(yuǎn)超過了對通過歷史價格推導(dǎo)出的預(yù)期收益的追求,結(jié)果是投資者更傾向于贖回業(yè)績更好或是分紅更少的開放式基金,而這也反映出我國的個人投資者的不成熟和證券市場的不規(guī)范。其次,股票市場的整體表現(xiàn)與股票型和偏股型開放式基金的凈資金流入成正相關(guān)關(guān)系。而從交易費用對投資者決策的影響角度來說,估計結(jié)果證明基金凈值收益率排名更高或管理凈資產(chǎn)規(guī)模更大的開放式基金更容易得到投資者的青睞。這也間接地證明,知名度更高,或廣告投入更大,或銷售渠道建設(shè)投入更多的開放式基金更容易吸引投資者的資金。 最后,文章結(jié)合分析結(jié)論提出促進我國開放式基金業(yè)發(fā)展的政策建議,包括加強投資者教育,進一步規(guī)范證券市場、利用分紅來吸引基金的資金凈流入、警惕市場的系統(tǒng)性風(fēng)險以及減少基金市場的交易費用。
[Abstract]:The purchase and redemption of open-end funds bring uncertainty to their asset size. This characteristic not only brings challenges to fund managers in terms of asset management and risk control, but also leads to fund buying and selling. And through the enormous influence of funds on the market, price fluctuations are transmitted to the whole market. It can be seen that the net inflow of funds from open-end funds brought about by requisition and redemption, It has an important impact on the survival and development of open-end funds and the stability of the market. Under this background, this paper attempts to study the factors influencing the net inflow of equity and equity funds in China. Based on the development of open-end funds and the current situation of net inflow of funds in China, this paper puts forward the factors that may affect the net inflow of funds in China from the two angles of asset selection theory and transaction cost theory. It includes the income after risk adjustment, dividends, market risk adjusted income, and the scale of fund management net assets and the return on net worth put forward from the angle of transaction cost. Based on the above two theories, this paper designs two panel data regression models, and uses the quarterly data of 38 equity or partial open-end funds to carry out regression analysis. The conclusions are as follows: first of all, from the point of view of asset selection theory, the "disposal effect" of "falling in the bag" in the investment decision-making process is far more than the pursuit of the expected income derived from the historical price. As a result, investors tend to redeem open-end funds with better results or less dividends, which reflects the immaturity of our individual investors and the irregularities in the securities market. The overall performance of the stock market is positively correlated with the net inflow of equity and equity open-ended funds, and from the perspective of the impact of transaction costs on investors' decisions, Estimates show that open-end funds with higher net returns or larger net assets under management are more likely to be favoured by investors. Or sales channels to invest more open-end funds easier to attract investors. Finally, the paper puts forward some policy suggestions to promote the development of open-end fund industry in China, including strengthening investor education, further standardizing the securities market, and using dividends to attract the net inflow of funds. Be alert to systemic risks in the market and reduce transaction costs in the fund market.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2008
【分類號】：F832.5;F224

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本文編號：1656159