A Study On The Structured Fund Redemption's Influence Factors

Since the beginning of 2007,the scale of the fund has reached 153,with the total assets of 169.1 billion yuan,with the increase of the demand of the investors and the development of the financial market.As of the third quarter of 2017,Favored by the public investors.Although thestructured fund to bring a lot of investment convenience,but in the market downturn,the grading fund has repeatedly suffered a huge redemption,affecting the stability of the entire financial market and fund management operations.So in order to avoid the huge impact of the huge redemption,research structured fund redemption is very necessary.Structured funds are mainly indexed grade funds,accounting for 63% of the size of the classification fund market.Therefore,this paper chooses 24 Chinese index classification funds to study the impact of structured fund redemption factors.In this paper,we try to study the factors influencing the redemption of the fund,and this paper tries to analyze the special structural factors and the matching and transfer arbitrage mechanism of the structured fund on the basis of the research on the influencing factors of the redemption of the ordinary open funds.The main factors include the trend of the securities market,the investment cost,the fund performance,the structure of the fund investor,the discount rate of the parent fund and the sub-fund.The main factors include the analysis of the stock market,the cost of investment,PRIME turnover and redemption costs.And then the panel data regression of these variables,the final empirical results show that: the securities market trends,the performance of the parent fund,SCORE of the proportion of institutional holders,SCORE discount rate.The important conclusion of this paper is that the trend of the securities market is the most important factor of the redemption of the grading fund.There is no "redemption confusion" in the grading fund and the leverage effect of the grading fund has a significant effect on the redemption.The main reasons are(1)grading fund SCORE with the nature of the lever is likely to cause large fluctuations in the flow of funds,especially in the stock market downturn,a large number of SCORE suffered a fold,was merged into a parent fund redemption.(2)With the maturity of China's financial market,investors are more rational and professional,in the grading fund to show a clear "survival of the fittest".