| The investment fund derived from the England in the mid-19th century,and prospered in the later industrial nations,such as America and Japan.The investment fund in China began in the 1990s.In the passed ten years,Chinese investment fund gained great progress and promoted Chinese stock market to develop.The rapid development of Chinese investment fund brings a series of problems, especially for the closed-end fund.In recent years,for solving its "marginalization" problem,the scholars always focus on the problems of fund discount and fund performance.However,the stock-holding preferences of closed-end fund has been overlooked.Therefor,it is necessary to conduct the research on stock-holding preferences of closed-end fund.Firstly,we can discover the regularities and the general characters of the closed-end fund,thus understand the fund's investment behaviour profoundly,superintendent can get reference to constitute policies and regulations;secondly,we can find the deep-seated reason behind the fund performance,supplement the study results of fund's performance and discount; thirdly,we can guide the personal investors through the research of closed-end fund investment characters,help them understand closed-end fund more clearly,make them select the funds which fit them preference more conveniently.They are helpful to solve "marginalization" problem.The three points are the main purposes for writing this paper.This paper uses the dynamic and the static research methods.Content arrangement:the first chapter introduces the research background,significance, content and the innovations of this paper;the second chapter introduces the domestic and foreign scholars' research results about this topic;the third chapter introduces the definition and characteristics of closed-end fund as well as the present situation;the fourth chapter introduces the construction of empirical model,including the research object,the selecting of the sample,the explained variable and explanation variables. The fifth chapter conducts the empirical research on closed-end fund.This part was divided into dynamic and static empirical research.The dynamic empirical research including the analysis of explained variable and explanation variables.The static empirical research combine the explained variable and explanation variables to conduct the linear return analysis.The sixth chapter summarizes the research results, gives some suggestions and points out its limits.The paper obtains the result that the Chinese closed-end fund puts emphasis both on the stock development potential and the stock risk,but dose not give much attention to stock earnings.It reflects that the closed-end fund prefer to long-term investment. |
