Studies On Open-end Fund In China's Financial System Reform

The development history of fund is largely the history of the transformation from close-end fund to open-end fund. As one of the most striking financial innovations for the past several decades, open-end fund demonstrated its outstanding survival ability and is developing faster and faster. Equipped with the method of comparative analysis, the author gives systemic analysis to the general theories of open-end fund based on wide range of researches home and abroad and puts forward the novel ideas of his own. Then, he argues that, for the researches on open-end fund in our country, open-end fund can not only be viewed as an innovation of financial instrument, but also an innovation of financial system. Based on the argument above and reasoned from the angle of financial efficiency, detailed analysis was proffered to the impact of open-end fund upon the financial development and the deepening of the security market in China. Finally, considering the current conditions in China, he offers brief discussion to the development of open-end funds in our country.