An Empirical Study Of Closed-end Fund Discount

It is a general phenomenon and a puzzle in the world which closed-end fund prices deviate substantially from net asset values(NAV). People have no different opinion about this.As for the reasons what make of it, different person have different explanation. No same conclusion is reached. So we try to focus difference on rate of discount of close-end funds from different funds. I have read lots of articles about discount of closed-end fund. Many of them could not give us an exact explanation: such as the investor sentiment of security etc. it is hard for us to use.This paper conducts a meaningful analysis on market of fund in our country. We try to find out what make of difference on rate of discount of close-end funds.The paper has a test with corresponding statistical model, and puts forward several explanations. At the same time, the paper gives some suggest to related people, and to improve the bordering condition of closed-end fund in Chinese market, and to discipline the development of investment fund of China, and to normalize the trading price of fund, and to lead the investors to build up the correct idea of investment.