An Empirical Research On The Redemption Of Chinese Open-end Fund

The open-end fund is refers to such fund that after fund initiator established fund, the fund share total is not fixed, but could be changed according to the market supply and demand situation, fund investor can buy or redeem fund share. In our country, since September, 2001,the first open-end fund "Hua an chuang xin" has established , passes through several year fast development, until June 30, 2006, there have 212 open-end funds, has surpassed the closed-end fund greatly in quantity and asset scale, becomes the mainstream of fund market. Since our country's open-end fund had been established, on the one hand is the fund overall scale unceasing expansion, on the other hand is the fund whole redeem in each quarter unceasing occurrence. And, our country's open-end fund redemption mainly has four characteristics: continuity, overall, large amount and irrationality. The open-end fund continues the unceasing appearance net-redemption, even irrational large amount redemption, this to our country open end fund development extremely disadvantageous influence: First, mass redemption has enlarged the fund operation cost, increased liquidity risk; Second, appears continually the fund redemption causes the fund share to reduce suddenly, proposed the challenge to the fund continually business capacity; Third, the open-end fund's continual and large amount redemption will brings instability to the stock market. Therefore, not only for the open-end fund industry develop stably but also for the fund management company interior risk control and guaranteed the open-end fund investor's benefit, it is very necessary to study the question of our country's open-end fund redemption.This article analyze the factor that affects the redemption of our country's open-end fund, proposes the hypothesis, using our country's open-end fund actual data to carry on the empirical test, got main conclusion: the our country's open-end fund exists truly continual, overall and high redemption; there are many non-rational factors in our country's open-end fund redemption, such as "mental accounting", "the disposition effect", "the friendship subscribe" and so on, it cause "the redemption paradox"; the redemption rate of our country's open-end fund and the last time stock market trend inverse correlation, existence "the feedback-trader hypothesis"; the redemption rate of our country's open-end fund is related to the business volume; our country's open-end fund's "the brand effect" of existence time, scale and other aspects is not obvious, can't reduce redemption effectively; the high performance, high accumulation net value and the high accumulation dividend can reduce fund redemption rate effectively. Based on...