| From 2006 until now, the stock market of china has experienced a great raise that has not been seen for a long time. Meanwhile, the issue and capital management scale of open-end funds have broken the record, too. The open-ended fund has already become the major form of investment fund, and this is a development trend of the global fund industry. But the moment that our open-ended fund was established was just the time when our security market began to depress, the phenomenon of the large-scale redeeming in the whole open-ended fund industry took place very quickly in the market, which is not good to our open-ended fund's development. At the same time, because our market is a new-born thing, theories are all short of experience; therefore, it is very important to draw lessons from international and prosperous nations.Compared with closed-end fund, open-end fund has uncertain fund shares. Investors could change the fund scale by buying or redeeming the fund shares after the open-end fund was established. Open-end fund's withdrawals can be destructive to fund operation and liquidity risk, so it is significant for us to study the influence factors of open-end fund's net outflows. Open-end fund's net outflows would be influenced by many factors, we must consider these factors overall when we want to predict or analysis the sum of net outflows.This paper is based on fund investor's behavior of purchase and redemption. The study begin with the open-ended fund's concept,characteristic, and introduce its development in the world and the conditions of our open-ended fund. Then through comparing the operation of the open-ended fund and the close-ended fund, the paper point out the concept and influence of the redeeming risk faced by open-ended fund. Based on the theoretical and empirical studies at home and abroad, this paper classifies the net outflows' factors into these sorts, including security market level, fund performance, investor structure, the dividend and the scale of fund, fees and exist time, the brand, invest strategy of fund, investor's demand and mood...The paper gives a correlation analysis of the factors that can be measured with the change of scale of China's equity fund in the next chapter.In the next chapter, we use the quarterly data from the time that open-end funds have been founded, to establish Dynamic Panel data model in which the change of scale of China's equity fund is the dependent variable while the factors mentioned in previous chapter are independent variables, and use the TSLS to analyze the redemption of open-end funds. The conclusions are as follows. The change of scale of China's equity fund in current quarter is significantly positive correlated with The change of scale of the fund in last quarter; while significantly negative correlated with the quantity of dividend in last quarter , with the growth rate of NAV in last quarter, with the return of stock market in current quarter, with the time passed from the foundation of the fund to the end of the current quarter. The "redemption puzzle" of fund market does not exist clearly.In the end, I propose corresponding suggestions fund managers and supervisors of China's equity fund for their actions. We hope: Build up the brand image, devise the brand stratagem; Bring up loyal investors; Pay attention to the dividends to investors; Increase the frequency of information disclosure. |
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