我国股票型开放式基金赎回异象的实证研究——基于2005年至2008年季度面板数据
Empirical Analysis on the Redemption Puzzle of Stock-based Open-end Funds Market in China——Based on the 2005-2008 Quarterly Panel Data
与成熟市场不同，我国开放式基金投资者的申购和赎回行为出现了“劣币驱逐良币”的机制。基金业绩越好面临的赎回压力越大，这也就是我国开放式基金存在的“赎回异象”。通过对我国22只股票型开放式基金季度面板数据分析，发现基金业绩增长、分红、规模、证券市场收益率、单位净值、长期利率等都是影响基金赎回的重要因素。本文主要从行为金融角度对“赎回异象”的产生原因进行了理论分析，据此对基金投资者和管理者提供了相关的建议。
he performance-flow relationship in Chinese open-end fund market is obviously different from mature market. We observe the redemption puzzle of stock-based open-end funds existing in Chinese market. It indicates that investors’ choice doesn’t pose an incentive mechanism on fund managers: the better an open-end fund performs, the higher the net redemption rate is. The net redemption rate of fund, dividend, fund scale, NAV etc. are important factors on investors’ choice making. This paper analyzes the reason for the redemption puzzle of stock-based open-end funds from behavior finance, and gives some suggestions to the investors and managers of open-end fund.
邓蕾、车敏敏
财政、金融
开放式基金赎回异象固定效应模型行为金融
open-end Fundsthe Redemption Puzzlefixed effect modelbehavior finance
邓蕾,车敏敏.我国股票型开放式基金赎回异象的实证研究——基于2005年至2008年季度面板数据[EB/OL].(2008-10-06)[2025-08-18].http://www.paper.edu.cn/releasepaper/content/200810-30.点此复制
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