Study On Transfer Behavior Of Benefits Of Securities Investment Funds In China

Since securities investment funds are issued in China, there are many illegal things about fund that have been reported. Transfer behavior of benefits of securities investment funds is just one of them. This dissertation studies the behavior of closed end funds transferring benefits to open-end funds in the same fund management company.The first part of this dissertation is empirical research. At first we divide fund management companies into two categories. The company with open-end funds and closed-end funds is called as type A company and the company only with open-end funds is called as type B company. Secondly, the two types of fund management company's 2005-2007 daily net growth of the same investment style funds are done reciprocal matching test, then we judge which funds and fund management companies exist the behavior of transfer benefits suspicion. Based on the suspicion, we separately use the data of week net growth of the same investment style funds in the same fund management company of 2005,2006 and 2007 to do reciprocal matching test, and further judge which funds and fund management companies exist the behavior of transfer benefits suspicion. The second part of this dissertation is normative research. Using the game theory we analyze benefit conflicts among fund management companies and fund employed persons with fund supervisory departments and fund investors.Based on the result of demonstrative research and normative research, this dissertation puts forward relevant proposals for fund supervisory departments and fund investors. The aim of the dissertation is to make securities investment funds in China healthily development.