Title Study On Factors Influencing Discount Or Premium Rate Of The Classification Funds

So far,Structured Fund has become one of the most important investment tool of china's capital market.Based on the situation of lacking of investment tool,the appear of Structured Fund fill the blank of the domestic market.But the Structured Fund is also a double-edged sword.Because of its very frequent fold premium volatility,the study of the characteristics of Structured Fund's discount premium also has the very good research background and characteristicThe research of the influencing factors of Structured Fund's discount premium rate is less than the research of the closed-end fund in domestic.First of all,this article combines the academic study of closed-end funds and grading fund for Structured Fund's discount premium situation and made a simple summary.According to the present situation of Structured Fund selection samples for classification of fund market present situation and influence factors of the theoretical analysis.Secondly,from the aspect of design and other aspects of the effect factors of grading fund discount premium rate change has carried on the thorough discussion.According to the result of analysis,and based on the influence factors,which it can be quantified,this article selected five factors including the leverage,liquidity discount terms,the cost of capital,the product and the market index.Finally,by using the threshold panel model,we discuss the influence of the five factors.The empirical results found that:Firstly,the overall rating fund fold premium rate and the threshold distance present positive correlation,and decreases with increasing distance between threshold,rebounded slightly after reach a certain degree;And classification of fund are to share premium rate and negatively correlated with the fold the threshold distance relationship,and the four stages of negative relationship gradually.Secondly,the cost of capital and the hierarchical fund overall premium rate have negative phase relationship with premium rate;Thirdly,liquidity and A&B share have significant positive effects on the discount premium rate.Last but not the least,it has not significant relationship between the market share index with the premium rate of the whole Structured Fund or its A&B share.Finally based on the conclusion,we put forward related Suggestions.