The Empirical Research Of Open-ended Fund Flows And Investor Behavior

At present, China’s open-end fund industry is in rapid development stage, is also experiencing the investor structure mainly institutional investors to give priority to with individual investors shift process, the open-end fund investor behavior research is necessary. This article focuses on stock funds to purchase rate and redemptions as investors respectively holder and the measure of the fund’s attitude, selection is closely related to the stock funds of public information as a quantitative index, the similarities and differences between the investors and holder in dealing with these information, to explain some of the fund industry’s special phenomenon is of great importance. Due to the influence of fund investors structure on fund market is important, in the study of FPR distinguish between institutional investors and individual investors to fund inflows outflow is necessary. Finally, on the basis of the research experience of foreign markets for FPR, whether to our country open-end fund FPR for nonlinear test can provide ideas for related research.This article is divided into seven parts. The first part introduces the key concepts related to equity funds as well as development background, empirical research method of use and the purpose of this study, and expounds the innovation of the article and shortage. The second part will be on fund flows and results at home and abroad related research literature summarizes according to the similarities and differences of view, in particular, the domestic about historical performance exists on the relationship between the capital flows in the debate. The third part introduces the panel data modeling process and method used in this paper. The fourth part through the selection of public funds and market participants to obtain information model, the investors and the holder of the attitude to the information, and compared the relationship between the two. The fifth part, from the perspective of fund managers see historical performance and cash flow, the relationship between research from two aspects of total inflows and the net respectively. Part6in different risk adjusted returns as a performance evaluation and the relationship between capital flows, using the semi-parametric model to estimate and test the open-end equity funds FPR whether there is nonlinear relationship. The seventh part is to summarize the conclusion obtained in full.Fund investors and fund managers to historical performance as the main intermediate variable, connects the principal-agent relationship of the two, by using the panel data model and semi-parameter analysis, some important conclusions are obtained. The investors and the holder of the attitude towards the fund public information is different, the attention before the investors the subscription fund information more than holders. Historical performance impact on the rate of subscription and redemption was the same, and have a significant positive correlation, but to different degree. History to increase the performance will also cause the market explain buy and redemptive, fund market participants will be greatly considered outside information. Compared with investors, gains on holders pay more attention to both. For funds, the historical performance of the subscription of the increase in fund effect brought about by the inflows is greater than the redemption effect brought about by the outflows, the inflow performance significantly positive correlation with the history, thus "redeemed vision" does not exist. In addition, investors structure has a significant influence on capital flows in, the institutional investors of historical performance is more sensitive than individual investors. As a result, massive a redemption on the market basically has caused institutional investors. As a performance measure FPR in different assessment method and its relations are different. Excess returns on capital inflows is non-linear, some risk adjusted performance of capital inflows is linear, some no relationship.