Research On Factors Of Close-End Funds Earings Based On Structural Equation Model

Closed-end funds as the most mature and oldest class in the fund market development plays a key role. In the context of the financial crisis of the open-end funds facing massive redemptions and can't continue to operate clinical risk, as closed-end fund it is not free to purchase, it has obvious advantages. To some extent, Closed-end fund for stock market stability and enhance market liquidity has played a huge role. Therefore, closed-end funds in China's fund market factors affecting the revenue of the study to promote the prosperity of China's fund market, development, maturity, and even promote stable and healthy development of securities markets has a strong theoretical and practical significance.In this paper, relevant literature data is summarized, closed-end funds and elaborated the basic principles of structural equation models, and to closed-end funds as the research object, set the corresponding structural equation model, its identification, identifying solvability. To this end, the paper selected 60 funds from 2005 to 2007 of the quarterly data for the model parameter estimates, evaluate and revise the final set was for 14 variables, four latent variables, including, significantly better structural equation model. On this basis, this paper 2008 60 Fund quarterly data, an empirical test, which proves the model significantly. In addition, According to empirical results, income of the Fund on macroeconomic factors affecting the securities market of natural conditions and natural condition of the three fund managers, empirical analysis of latent variable indicators for participation in the Fund's three main fund investors, fund managers and fund regulatory bodies corresponding countermeasures.