| The discount of closed-end funds means its price of market trade is lower than the net value of assets. It is a very difficult problem in the financial field. Up to now, no credible theories, which can give enough explanation, are found. Comparing with the closed-end funds in other country's security markets, the phenomenon is more obvious in our country and has already been a focus that attracts many scholars' attention.This article studied the discount of closed-end funds in our country, which considered the practical situation of our country's security market. Firstly the statistics distribution characteristics, time series characteristic of the discount and interrelation characteristic between the remainders of discount rates of different funds were fully analyzed. And the past development situation and the characteristics of closed-end funds in our country were expounded. The fundamental situation and the reason of the discount were also analyzed. Secondly, the article studied the discount of closed-end funds in our country using the practical data from the angle of time, risk and profit and investor structure. The conclusion is that, the time factor of closed-end funds influences the discount very much. The discount has some relationship with the risk funds have and disperse and the profit of funds. The owning proportions of financial organizations except insurance companies to closed-end funds have notable negative relationship with the discount. In the way of regression analysis doing stepwise, the main influence factors to the discount of closed-end funds in our country are decided. Those are remained time, scales, fluctuation of net assets value and the time dealt on the market of closed-end funds. Among these factors, the fluctuation of net assets value has negative influence to the discount, while the other three factors have positive influence to the discount. Finally, the suggestions to the future development of closed-end funds in our country were put forward. |
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