| The first open-ended fund-Hua’an innovation was born in September2001. After the10-year-old growing journey, our open-ended funds market has made a great progress in both issue number and initial raise scale. When it comes to the relationship between funds’performance and flows of the funds, foreign scholars didn’t draw different conclusions because of different indicator adaptations, they all didn’t find that funds investors would punish optimal funds. But most domestic scholars claimed redemption puzzle in home funds market, while others held the opposite opinion. In order to do further research on the relationship between performance and flows,60equity open-ended funds and23bond open-ended funds are chosen in the article. After analyzing the current situation of our open-ended funds market and selecting the proper variables influencing the funds flows, the article establishes the unbalanced panel data model. Besides, to do robust test for the model, the article selects Treynor index, sharp ratio and Jensen index as proxy variables describing funds performance. By combining the qualitative and quantitative analysis, the conclusions drawn from the article are:1.To certain extent, the redemption puzzle still exists among our equity open-ended funds, namely, the funds investors is more prone to choose redemption when confronted with the funds have a higher historical return, and the funds net subscription share decreases.2. Judging from whether the three months or six months lag average return, the bond open-ended funds investors don’t display Disposition Effect, there is no evident to prove the redemption puzzle in bond funds market. Finally, the article provides certain suggestion for the sake of enhancing our funds market healthy development. |
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