The Comparative Research In The Open-End Funds Between China And USA

Based on the sum-up of domestic and foreign studies, according to the comparative all-round analysis on the open-end funds between China and USA, from the development history, the classification, the fees structure design, the marketing channel, the investors'redemption problem and the investment strategy, the author want to conclude some educational experience for reference for the advance of the open-end fund of China.First, the author make the basic concepts clear, which include the fund, the investment fund and the investment security, and review the development history of the open-end funds between China and USA in brief, making the comparative study of classification of them. By analyzing the difference between them, it was shown that the open-end fund has a history of nearly one century in USA, in which country the classification of funds is standard and accurate. Compared with the funds in USA, the funds in China developed only in several years, the open-end fund in particular popularized in recent years. The standards for classification of funds are investment object and investment style, which is not clear, and make it difficult to estimate. Second, on the basis of the comparative study of the fees structure design and the marketing channel of the open-end funds, it is obvious that the fees structure design of fund product in USA is flexible. On the contrary, the investors can not attracted easily by the funds in China since the fees structure design is hidebound. It is convenient for the investors to buy the open-end funds in USA because the marketing channels are multimember. At present, the funds in China were mainly sell through the commercial banks, which has a lot of questions and bugs. Third, we can conclude that, based on the comparative study of the investor redemption problem and the investment strategy, the competitive principle of fair market worked in the redemption of funds in USA. On the contrast to the things happened in USA, the investor redemption awkward occurred in the funds in China whose market performances are good. The investors of USA were full of confidence in their holding funds for the investment strategy of the funds managing companies is skillful and moderate. In China, the investment strategy of the funds managing companies is simple or alike, in other words, the sheep behavior existed in the investing activities. Last but not the least, the author give some suggestions for the advance of the open-end fund in China.