The Research Of Open-end Funds' Moderate Size In China

Since the first mutual fund was put on sale in September of 2001, the mutual fund has stepped into fast-developing period in our country.As one of the financing tools,Open-end funds have the character of buying or selling fund shares anytime ,which contents to the require of dynamic balance between liquidity and yield of investers in securities business.So,They had compelling achievement during the stagnant market.In the base of YinHe Fund research center's date about funds in china in 2005,china funds'net value breakthrough RMB 400 billion for the first time to RMB 417.8 billion.Open-end funds'size percentage to total funds'size in china have raise from 75% to 81% .In 2004, there emergence the size of RMB 10 billion stock fund which first launch.But,whether this big size fund can fit well in our capital market in general ? Whether funds'yield more bigger more well?In the situation of china,I think there may occur a moderate asset size for open-end funds which is deserve to research.This paper analyse the factors influencing open-end funds'moderate act size from macroscopical and microcosmic . Using juyuan data for the period 2003 through 2005, we obtain a sample of 48 open-end funds'date. We estimate the moderate asset size for open-end funds in china to be between RMB0.745 billion and RMB 1.106 billion.