A Research On The Influence Factors Of Structured Fund Redemptions And Countermeasure

In June 2015,the domestic secondary market plummet from the bull market,the market in an unprecedented unilateral fell all the way down from more than 5000 points to 3000 points,with a nature of leverage rating fund is a continuous drop stop board,in the broader market fell in large to investors at the same time,also improved the classification of fund redemptions,grading the size of the fund products.From the perspective of fund management companies,the redemption rate volatility on the stability of the fund products,fund managers' investment strategy will have a negative impact,the purpose of this article is based on the analysis of the hierarchical structure of funds,and classification of fund st ructure in particular the influence of variable parameters on the classification of fund redemption rate is analyzed.Let the fund company to fund redemption rate factor has a more comprehensive reference.The main variables in this paper on the classification of fund structure briefly,and then logically analyze how these variables will cause changes in the rate of classification redemptions,draw a grading factors affecting fund redemption rate hypothesis,again through the panel model of linear regressio n indicates that the correlation coefficient affecting redemption rate of these variables,significance test,the goodness of fit,it is concluded that hypothesis is established.Before the panel model of linear regression need for data unit root test,cointegration test,Hausman(Hausman)inspection,avoid the spurious regression problem.The innovation points of this paper is graded fund is a kind of structured products,ordinary open-end fund for conventional factors influencing fund redemptions have expert analysis prove that but rating fund as structured products,in addition to the ordinary open-end fund's influence factors,the classification of fund's own structure characteristic of the variable parameter Settings or the change of the variable parameter value will result in different direction to investors expected,for grading influence fund redemption rate.Similar rating fund redemption factors affecting such structured products can have a reference,this is the paper innovation points.Research conclusion: in this paper,the analysis of the affecting factors in grading redemptions in China found that through logical analysis,the classification of the stipulations of the fund class A product yield,mother fund holdings,grade B fund holdings,net value of fund,fund of mother overall premium rate,fold the premium grade A,grade B of the premium,the net value of leverage,parameters such as price lever will have significant influence on fund redemptions,according to the empirical analysis,hypothesis ideas for by applying the panel data analysis method,the linear regression correlation analysis and significant analysis of goodness-of-fit analysis,empirical analysis results support some parameters and the cognizance of the relation redemption rate : classifying the stipulations of the fund class A product yield,mother funds overall premium rate,fold the premium grade A,grade B of premium is negatively related to the redemption rate present,mother fund net value is positively related with redemptions ascertained,principles of logic analysis please refer to chapter 3.Assume that female fund holdings,grade B fund holdings and redemption rate present negative correlation,empirical analysis is presented,it also has a close relationship with the 2015 years of extreme market,if it is a volatile market,or fall modestly in the market,institutional investors used to keep a long-term investor's investment style,for the medium and long term investment strategy is still optimistic market expectations,but in June 2015,the month of October of the broader market fell 7% for days,and this crazy fall also shake the investment style of institutions,fairly pessimistic expectations of the market,and adopted to avoid the risk,wait-and-see market,investment style,the impact of the extreme market even rational institutional investors also took risk aversion,wait-and-see market,make investors investors itself is implied stability fund redemption,the beneficial effects of factors to lead the change of the role of individual investors an exodus.Here only through grading on the market funds after a complete callable bull/bear contracts market cycles in judgment.Assuming that the net value of leverage,the price lever positively related with redemption rate,the empirical analysis are negative correlation.Assumption is a prerequisite for all investors to understand the structure of the classification of fund,on the basis of realizing high net worth lever,price lever will cause the led to huge losses.But after grading fund appeared a huge losses of grading fund investors look to the behavior of the securities regulatory bureau rights,individual investors for the folding of high-risk did not realize that exist and the lower the net value of fund,fund to achieve the greater the chance of a rebound of thinking,so caused the empirical and assumptions.It is also need through hierarchical funds more and more to be most public investors understand then according to the classification of fund data authenticatio n.This paper implements the classification: an empirical study of factors affecting fund redemptions,research indicates that the real factors affecting grading fund redemption rate,more according to the hypothesis is inconsistent with the actual analysis the influence factors of uncertainty,what factors affect the assumption fails,related explanatory variables affecting redemptions for fund company corresponding countermeasures and Suggestions.Also for the follow-up rating fund more in-depth research to lay the theoretical foundation.