The Research Of Chinese Stock Open-end Funds' Flow

Chinese open-end fund have been the main investors of the stock market after 6 years developing. The total of net assets value which open-end fund -managed was 1/3 of the open market capitalization of securities market in December in 2006. To the open-end fund, investors were not familiar at first, and familiar later. Now the investors are very interested in open-end fund. But there was some problem like large amounts of redeeming funds, buying imbalance during open-end fund developed. The manager of open-end fund paid close attention to these problem and the scholars at home and abroad have been researching the problem. This paper is intended to researching the open-end fund' s flow and analyzing some interrelated factors which buying and redeeming fund share are influenced. So the paper can provide some consultation to the manager of open-end fund.All of the stock open-end funds are the samples from the second quarter in 2004 to the forth quarter in 2006. Based on the research at home and abroad, the paper design a research model related to buying, redeeming and net flow of the fund and some influencing factors. The influencing factors are fund scale, net value, bonuses, rate, return rate of a half year, return rate of a quarter, established time. According to the empirical study, the paper droped the conclusion:(1) Raising the net value will be propitious to enlarge the fund scale.(2) Bonuses are the main factors the investors paid attention to, and the investors like the funds which have high bonuses more.(3) The rate of funds has not enough influence to the behavior of the investors. (4) The attitudes to achievement of funds of investors are not same.(5) This years, the investors like the new fund more than the old fund when they buy fund.(6) Many factors have the speculative method of fund speculation.According to the conclusion, the paper gives some advice at last topromote fund buying, keep back the large redeeming, decrease liquidity risk, enlarge the fund scale and keep developing stably of the fund for a long time.