The Empirical Research On Performance And Purchase And Redemption Mechanism Of Open-end Funds In China

Open-end funds in our country after more time years of rapid development, scale has obtained the unprecedented expansion, varieties have also become increasingly rich, have become one of the most important institutional investors in the securities market, have brought enormous vitality for China's securities market. Since the open-end funds in China is of important significance for the development of securities market, to strengthen the research and perfect the mechanism of open-end funds in our country is particularly important.As we all know, the open-end funds have the characteristics of the scale is not fixed, investors can purchase and redeem fund share freedom. As a result, the purchase and redemption mechanism of the open-end funds provides investors with flexible and convenient, at the same time can also be regarded as invisible incentive mechanism of fund manager. However, changes in the fund size may increase the difficulty of fund operation, even affecting stability of securities market. In addition, through a review of the historical documents, found open-end funds in our country still exist redemption anomaly and diseconomies of scale, reducing the efficiency of resource allocation. On this basis, the paper wants to further explore impacts on funds by the different of purchase and redemption mechanism, to explore mechanism which more conducive to fund operation and market stability, which of great significance.In content, the paper is divided into five parts:The first part is introduction, mainly introduced the research background, research significance, research content and structure, innovation points and the deficiencies of this paper.The second part is literature review, mainly contain literature of fund performance, the factors of influencing fund performance and what about purchase and redemption.The third part is a summary of open-end funds in our country, including the development history of western fund, the development history of China's fund, the present development situation of domestic fund market, characteristics and classification of open-end funds. Then mainly explain the influence by investors' behavior, and introduce and compare listed open-ended funds and exchange-traded funds.The fourth part is the empirical analysis, do the empirical between performance and net redemption rate of listed open-ended funds and exchange-traded funds.The fifth part is the summary and reflection, to expound the research results and the possible reason and logic in this paper, getting inspiration and applicable suggests, and explains the shortcomings of this paper.The main innovation is about the differences of purchase and redemption mechanism. In this paper, we tried to classified study. on one hand, to verify redemption anomaly and diseconomies of scale of open-end funds in our country, examine whether the two types of funds have some different; On the other hand, by comparing the results of empirical analysis of the two types, judge and explore mechanism which more conducive to fund operation and market stability.