Research On The Redemption Of Open End Fund In China

Since the introduction of open-end funds in China,it has been through more than10 years,both from the number of funds or the size of funds,have become the mainstay of our public offering funds.In the relationship between open type fund redemptions and fund performance,many scholars in China has found a unique "Redemption" in China's open-end fund market,namely the open-end fund investors will be more inclined to redeem the blue chip fund,and the bad performance fund will not be redeemed.This vision of open-end fund managers will reverse incentive,reduce the subjective intention of fund managers to fund products,which will further affect the normal development of China's open-end fund market,or even cause a certain impact on the overall financial environment in china.Therefore,this paper first introduces the types of open-end funds,and summarizes the current situation of the open-end funds and the mechanism of subscription and redemption.Then,the theory of anticipated utility and the theory of behavioral finance are used to study the theory of redemption anomalies.Then,the factors influencing the redemption of open-end fund investors are analyzed.The final selection of 47 stocks open fund and124 bond funds,use them from the first quarter of 2009 to 2016 in the fourth quarter data,the fund performance index annual yield,alpha value,Toreno index,Jansen index rate,Sharp launched the study of index fund redemption rate of the fund from the perspective.Balanced panel data of stock and bond fund models.And a robust test of the model is carried out respectively.And draw the conclusions of theoretical and empirical research.