摘要
与成熟市场不同,我国开放式基金投资者的申购和赎回行为未能发挥“优胜劣汰”机制。面临赎回压力较大的是业绩良好的基金而不是业绩较差的基金,这种现象被我们称为中国开放式基金“赎回之谜”。这将使基金管理人面临大量抛售股票的困境,造成证券市场非理性下挫,形成恶性循环。这一问题值得深入研究。本文对有关开放式基金赎回的国内外文献进行了综述,在借鉴和吸收前人研究成果的基础上提出了对于我国基金“赎回之谜”可供进一步研究的问题和可行的思路。
Opposite to what behaves in developed markets, the net cash flows to worse performed open-end funds instead of better ones. So better performed funds will face more redemption, which we called "the paradox of fund redemption" in China. Such phenomenon would worsen the asset allocation system and should be studied into. This paper reviews the relative domestic and abroad studies on fund redemption and points out some questions that could be studied further.
出处
《上海财经大学学报》
CSSCI
2007年第3期91-96,F0003,共7页
Journal of Shanghai University of Finance and Economics
基金
国家自然科学基金项目(70673056)
上海财经大学211科研项目资助
关键词
开放式基金
赎回
净现金流
open-end fund
redemption
net cash flow