| Ⅰ.The purpose and significance of the research in this paperThis paper empirically studies the redeeming risk faced by our open-ended fund.Why is the topic chosen?Along with the first open-ended fund is established, Chinese fund industry has developed to a new stage. 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. Therefore this paper chose this topic, and I hope to bring up the related rational suggestions by researching the redeeming risk, which is of great significance.Ⅱ.The outline and logic structure of the researchThe 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, then the paper analyses the reason of the redeeming risk by using the Principal-Agent-Theory. Considering some problems in our security market the paper analyses the specialty of the risk faced by our open-ended fund from three aspects. Then the paper compares the experience of offshore market, and bring up some suggestions from theangle of the short-term and long-term strategy combining with our open-ended fund's specialty.In logic, this paper is basic of the way of "bring up the problem-analysis the problem-solve the problem" to arrange the paper's construction. Ⅲ.Main content and view of this thesisThis paper is divided into four chapters.Chapter one mainly discussed that our open-ended fund must face the special redeeming risk. First it primarily introduced the open-ended fund's concept, characteristics and its development within the scope of world, and then it put great emphasis on introducing the present condition of our open-ended fund's development. Through the comparison between the operations of the two kind of funds, it gets this conclusion: Open-ended fund must face the redeeming risk which the close-ended fund need not face. After introduce the concept and the influence of the redeeming risk the paper analyses the reason of the risk by Principal-Agent-Theory. Chapter two mainly analyses the specialty of our open-ended fund. Because the security market of our country is still in the stage of new developing and transition, a lot of questions have caused the open-ended fund of our country to face heavier risk of redeeming than the external open-ended fund. The article analyses the specialty mainly from three aspects: One,Our open-ended fund's issuance is very difficult. Some charts shows that our open-ended fund's issuance does not allow optimism, and it presents a phenomenon of fluctuating and unsteady. The reasons cause these phenomenon primarily are: The degree of local investor's perception with open-ended fund is not high, which restrict the supply of the fund; the skill of the fund administrator's operation with the funds needs to be improved; the cost is too high and the bargain method is not convenient. Two, the environment for our open-ended fund to invest is special. By analyzing the environment of our stock market, wecan get such a dissymmetry: the system risk is higher while the mechanism avoiding the risk runs short. This is an important factor to cause and speedup the redeeming risk faced by our open-ended fund.3, the construction of our open-ended fund's source and property are special. By the analysis of our open-ended fund's construct... |
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