The Study On The Reason And The Countermeasures Of The Discount Of Our Country's Closed-end Fund

In the recent years, there commonly appears the discount phenomenon of the closed-end fund in our funds market. What's more, the discount degree is becoming more and more serious. In the present, our fund discount is obvious on the higher degree compared with the situation of the developed countries such as America. The high discount phenomenon of our closed-end fund is unreasonable, it has caused high attention of the theory & practice field. But the research on the reason and characteristic is also on the confused state, its theoretical systemic has not been built really in the domestic. Therefore it is necessary to research the high degree reason of the closed-end fund discount and guide fund industry to develop healthily.This paper firstly concludes the characteristics of the closed-end fund, empirically tests the feasibility of the traditional theories explaining our closed-end fund discount, basing on the current situation of our security investment fund and using more sufficient date. It finds the traditional theories cannot explain our closed-end fund discount efficiently, the basic facts of closed-end fund are not the influential facts of the closed-end fund discount. Then it introduces the Behavioral Finance theory, searches the real reason of closed-end fund discount by the fund managers and investors behavior, finding the investors sentiment is the influential fact of the closed-end fund discount and the systematic defect of the closed-end fund is its deep level reason. Finally, puts forward the countermeasure for our closed-end discount problem and forecasts the healthy and standard development of the security investment fund industry.