| The first open-ended fund in China came into existence in September 2001, and it has become one of the most important investment tools in China for its increasing quantity and scale. Compared with closed-end fund, the greatest character of open-ended fund is that investors can freely buy or redeem their share of fund, according their demand. So the share of the open-ended fund is variational all the time. The redemption risk can be destructive to fund operation in many aspects. All above, in my opinion, it makes scene that research on the redemption risk of open-ended fund practically.This paper is based on the equity open-ended fund mainly in China. The reason is that among the open-ended fund in China, equity fund is very important both in size and in quantity.Based on the studies of many scholars at home and abroad, this paper sums up the normal factors of redemption risk and analyses the special factors in China from three aspects. Then, this paper makes some research on the factors of redemption risk and their effects using two practical research models. Especially, this paper structures a two-stage panel data model by distinguishing two development stage of open-ended fund in China. We gain some surprising results through this model. At last, this paper gives some material suggestions from three aspects, because of the particularity of redemption risk in China. |
