Research On Purchase And Redemptive Influence Factor Of Different Types Of Open-end Fund

Investors can select whether and when to purchase or redeem any open-end fund. Each open-end fund flow would have direct influences on the size of each fund, so it is significant for banks, fund corporations, to analyze the pattern of mutual fund flow and factors which affect the cash flow。Since issued the foremost open-ended funds set up in China, the open-ended fund market in China accompanied with huge redemptions. Although in recent years the number of new funds dramatically increased year by year, but it still cannot avoid the large redemption dilemma. Fund redemptions, meanwhile, also presents the continuity of redemption and the characteristics of huge redemption. Such withdrawals make fund managers used continuity investment strategy, at the same time, it leads to fund income decrease and redemption. This phenomenon not only affects its own profits, but also detrimental to the interests of investors who didn’t redeem. Seriously it even poses a great impact to the stability of the securities market.Study the effect factors of open-ended fund purchase and redemption behavior, has important practical significance to the investors who invest in open-ended fund, managers and negotiable securities market managers to provide the corresponding policy Suggestions and basis, to guarantee the fund market health and stable developed.As the circulation of fund constantly emerging, the proportion of bond funds and monetary funds is higher and higher in the open-ended funds. However, because of the differences between various opened mode funds, the open-end funds refined classification research more and more important. On this basis, this paper intensively analyzed the market factors, the dynamic relationship between opened fund performance and cash flows and explains the differences of all kinds of funds.Through the classification of open mode fund to empirical analysis, this article concludes that Stock funds, Hybrid fund, Bond funds, and the influence factor of Monetary fund shall redeem difference. I found that bond funds and monetary fund does not exist "redeemed vision" phenomenon, according to the analysis report of influential factors, this article separately on different types of open mode fund policy Suggestions are put forward.