Thesis Title Open End Fund Operation Management & Research In China

Sept, 11,2001 was a memorial day to Chinese security market. Chinese first open end security fund "Hua An Chuang Xin" is introduced by Hua An fund-management company and was selling in public. At Oct, 8, 2000, "The experimental policy of Chinese open end fund" was published by Chinese security inspecting commission. This means a new fund era begins in Chinese security market.Open end fund is the security-investment fund that the total sum is not stationary but can be issued new sum according to the supply-need of the market and investors may redeem the fund unit at any time they like. The price of this fund is decided by the net value of the fund unit capital adding or subtracting some fees. Open end fund has the following features: strong selected character, good mobility, high diaphanous essence, convenience for investment, special management by professionals, low investment fees, mixed investment, risk-distraction and return stability. Developing open end fund is vital significant to our security market. It is beneficial to break the single mode of close fund and setup the resource of the fund market better. It can connect the money market with the security market, and let the money flow to capital market in the system of interest balance. And it is good to improve the whole management level of our fund line. The open end fund regards the mobility and safe of capital as the first vital factors, so it is positive to the fund market stability.This article introduces the whole operating and managing system of Chinese open end fund. It is included the origin and development of open end fund, experience and lessons of foreign open end fund development; the classification of the open end fund and its deference from other securities; the features of the open end fund and its establishment, transaction and structure of fees; the operation and profit-allocation of the open end fund; the consultation of agents. Meanwhile, the writer research the issuing circumstance, the conception of investment and static,market system, fee ration, information declaration, running inspection, customer service and so on. On the base of analysis of Chinese the open end fund features, I think the open end fund will be mixed with other financial products into one new product, that means the account aggregation. This account aggregation maybe included several deposits, several securities, several stocks, some funds and several insurances. Or it is a solution to the customers' goal of pursuing the added value of their capital. It is said from the research about financial line of Morgan Stanley Dean Witter in Sept, 2000 that the Next Big Thing for Internet & Financial Services : Account Aggregation. The presentation of the concept of the account aggregation maybe let the policy drawer think the abolishment of our line-departure operation. And the account aggregation will be accomplished by the strategy league of financial banks, security companies, fund companies and insurance corporations.The open end fund is something new in china. It needs the caring and supporting of the whole society. With the Chinese entrance of WTO and the development of our financial market, the open end fund surely has a perfect future.