Analysis Of Open-ended Fund Investors' Redemption Behavior Influencing Factors

This paper reviewed domestic and foreign scholars on the behavior of open-end fund investor redemptions related factors on the basis of research results, based on our open-end fund market development of the actual situation, the open-end fund investors redeemed behavior factors into macro-environmental factors, the fund management factors, factors that fund investors and fund characteristics of factors, and subdivided into eight variable factors, and the factors open-end fund investors redeem the relationship between the behavior of a separate empirical analysis After full consideration of various factors and a comprehensive empirical analysis.Through empirical testing, reached the following basic conclusions:(1) stock market development and open-end fund investors redeemed negative correlation between the rate that the higher the level of development of securities markets, open-end funds open to investors The lower-end fund redemption; lower the level of development of securities markets, open-end fund open-end fund investors redeem higher. (2) the size of open-end fund open-end fund investor redemptions positive impact on existence of certain mechanisms, namely the larger open-end funds, open-end fund investors to redeem open-end fund higher; stock The lower level of development, open-end fund investors to redeem open-end fund lower. (3) open-end fund performance (net) and open-end fund investor redemptions showing the relationship between changes in the opposite direction, that is, the better the performance of open-end funds (the higher the net), the proportion of open-end fund's redemption of the lower; open fund performance worse (lower net), the proportion of open-end fund redemption higher. This article assumes that 3 can be verified. (4) the amount of open-end funds dividend and redemption of open-end fund investors in the same direction between the behavior of the relationship, while the number of open-end funds dividend and redemption of open-end fund investor behavior change in the opposite direction, then there exists between the characteristics of. (5) open-end fund redemption rates and the behavior of open-end fund investors redeemed between showing the characteristics of changes in the opposite direction, namely that the higher rate of open-end fund redemption, the redemption of open-end fund, the lower the proportion of; open-end fund redemption rates lower, the proportion of open-end fund redemption higher. (6) institutional investors in open-end fund investors to open accounts for the proportion of all size and open-end fund investors redeemed between acts showing the relationship between changes in the same direction, that is, open-end fund institutional investors of all open-ended investment The greater the proportion of those open-end fund investors redeem more acts, institutional investors account for open-end fund investors, the proportion of all open smaller, open-end fund investors, the less the redemption behavior. (7) Open the duration of open-end fund was established with the behavior of open-end fund investors redeemed between showing the relationship between changes in the same direction, namely the establishment of open-end funds open longer, open-end fund investors redeemed behavior The more open-open-end fund established shorter, open-end fund investors, the less the redemption behavior.This study, on the one hand, is the theory of redemption in our open-end fund expansion of the theory of applied research, on the other hand, for our open-end fund in the development process for redemption of scientific decision-making and thus to promote our open-end fund industry's healthy development and effective practice of reference. Therefore, this study, both in theoretical development level, or in the specific implementation at the operational level, are of great significance and value.