Partial Shares Of Open-end Fund Redemption Vision Research

Open-end fund has uncertain fund shares. Investors could change the fund size by purchasing or redeeming the fund shares. The open-end fund is that the fund's outstanding achievement results in the investor's behavior of fund. The fund's achievement is better, the more share investor will buy; the fund's achievement is worse, the less share investor will buy. However, in china, the phenomenon is reverse: the fund's achievement is better, investor will redeem; the fund's achievement is worse, investor will buy, which is called "exceptional redemption".Based on China's Equity Fund and investor's behavior of purchasing and redemption, the text will try to reveal the decisive factors of investors' purchasing and redemption by studying the interior mechanism of purchasing and redemption. These factors including: fund performance, fund division, other psychological or outside effects. The paper gives a correlation analysis of the factors that can be measured with the change of size of China's equity fund.Subsequently, the author put forward in multivariable regression model in which the redemption of size of China's equity fund is the dependent variable while the influential factors are independent variables. In order to eliminate the relativity of independent variables, the writer use backward regression and stepwise regression. Ultimately, the conclusions are as follows: (1) The alteration of size of China's equity fund in current period have not correlated with the alteration of size of equity fund in last period; (2) The alteration of size of equity fund in current period is significantly positive correlated with the growth rate of NAV in current period; (3) The alteration of size of equity fund in current period is significantly positive correlated with the quantity of dividend in current period; (4) Time which passed from the foundation of the fund to the end of the current period have not correlated with the alteration of size of equity fund; (5) The quarterly average NAV in current period is negative correlated with the alteration of size of equity fund; (6) The frequency of dividend in current period have not significantly positive or negative correlated with the alteration of size of equity fund; (7) The alteration of size of equity fund in current period have positive correlated with the growth rate of NAV in last period, have not significantly positive or negative correlated with the quantity of dividend in last period, and is negative correlated with the quarterly average NAV in last period.