A Research On The Redemption Of Chinese Open-end Mutual Fund

Due to the immaturity of our country's security market and the beginning of our fund market, there are much difference between our open-end mutual fund and foreign. It is significant to investigate the differences and the reasons for fund companies, investors and securities regulatory department.In this paper, through collecting fund data of 2003 and 2004, investigating the redemption situation and dividend situation, the influence of the volatility of stock market to redemption with the statistic method. With the empirical way to analysis the influence of the return of fund, dividend, asset and net value to redemption, and to study the relationship between redemption and liquid assets. The research result show the fund dividend has regularity. There is an evidence of institute investors' annals effect. In the whole observation, there is not evidence to prove the risk situation of stock market affects the redemption. The regressive result implies that log return and log dividend of fund can control the redemption. There is an asymmetrical disposition effect in our open-end mutual fund market, the funds behaving badly are punished, but the funds behaving nice are not awarded. The redemption has a positive relation with the liquid assets, but the relation is different from the theoretical one.