A Study Of Open-end Fund Expenses

Along with the open-end fund rapidly expand the domestic and foreign academic research is also rich. The research mainly concentrates in the open-end fund investment portfolios, the achievements appraisal, and fund management structure. Few are paying attention to the fund expense. The fund expense research has the important theory and the practical significance:First, regarding the investor, the fund expense will have the influence to its final income; Next, regarding the fund management company, the fund expense is its product design core, relates the fund company's income, and how to attract the investor and realize its own benefit maximization, this is the significant strategic question which the fund company faces; Finally, regarding the major-domo, in view of the fund expense arrangement supervision, how to realizes the fund management company and the investor both sides benefit, which relates the fund market long-term healthy development, regarding the stock market stable as well as financial environment's significances.This article content follows "the theory and the present situation review-statistics description and the theory empirical analysis-logic countermeasure in the logical arrangement suggests" analysis flow. First, the article introduce the correlation theories to carry on the review analysis, and summarizes the mature market open-end fund expense present situation; Second, the article studies the open-end fund expense's influence to the achievements and the investor behavior, then discusses the fund expense mechanism; Third, analysis the factor affects Chinese open-end fund expense; finally, returns to this article research goal, we hope for to construct the reasonable Chinese open-end fund expense system and give the corresponding countermeasure suggestion. This article is divided into three parts and the concrete arrangement is as follows:The first part (first chapter) contains the introductory remarks, the introduction research background and the significance, important concept limits. This part studies the open-end fund expense and the research goal, this is the foundation which this article studies.The second part (second, third, fourth chapters), this part is the paper main body. The second chapter first elaborated and analyzed the article's research theory and the realistic foundation, existing research results and mature market open-end fund expense present situation; the third chapter analysis the factor affects the Chinese open-end fund expense, and carried on the empirical analysis; the fourth chapter expanded the range of study from China to the global open-end fund market.The third part (the fifth chapter) transforms the front research analysis to construct China's open-end fund expense system, simultaneously learn from the mature market experience, proposed the countermeasure suggestion which suits our country national condition.This article main innovation lies in:First, analysis from the fund Company, the fund market and national characteristic angle. The article carries on the analysis to the open-end fund expense, and constructs the Chinese open-end fund expense system. The existing studies many discusses these two questions separately, but this article unifies the two question, which enriched the related research results. Next, this article empirical study whole world open-end fund expense's influencing factor, and found that the existing research has little comparison between the country open-end fund expenses. This article has enriched this aspect research results.For all of this, this article also needs further study:First, limited to data gathering's difficulty, when analyzing the global open-end fund expense, the research sample is cross-section data. Therefore if we can collect enough data in the future, we can carry on the further analysis to this question. Second, when studying the Chinese open-end fund expense and the achievements, this article has selected the open-end fund 2006-2008 year data, if we can collect enough data in the future, we will obtain the better statistical inference result.