The Empirical Research On Equity Open End Fund Redemption Risk Of China

The first open-end fund has been established in September 2001, and the open-end fund has replaced the position of the closed-end fund both in amount and scale with the rapid development. Investors prefer to choose the open-end fund as the invest objects instead of the closed-end fund. Because the uncertain size is the greatest character of the open-end fund, investors can purchase or redeem the funds at any time. The fund management has the problems of redemption risk. Therefore, the research of equity open-end fund redemption risk has the important practical significance.This dissertation is based on the research of the scholars at home and abroad, summarises systematically the general factors effecting on the redemption risk of equity open-end fund. The author analyzed the redemption motive of fund holder's and discusses the fund redemption risk formation on three aspects: the poor quality of the listed companies, the immature philosophy of the investors as well as the inadequate guidance and supervision of the government. This dissertation summarises the factors which effecting on the redemption risk of the equity open-end fund and the consequence. We constructed in time series model and two-stage panel data model for the study, and contrasted the redemptions of the two stages. Finally, according to the results, this thesis provided proposals from three aspects as enhancing the ability of fund companies, training the investor to be rational and improving the system arrangement.