Open-end Fund Value Analysis And Its Impact Study

Open -end Fund is an outcome, which arises with the development of market- economy and the accumulation of investment capital, especially the mature security market and multiple financial tools. It is firstly burned from America and greatly developed in this country. According to the American Open-end Fund, this paper discusses the production, development and present condition of Open-end Fund modern capital market and its stabling-implement function in security market. The value of Open-end Fund is determined by yield rate and risk factors under definite time and volume of investment, which is the fundamental principle level. The sub-principle level is composed of many factors, which affect yield rate and risk, such as policies, interest rate, market and enterprises. Finally, different fund portfolio forms the program level of the structure. It can also be regarded as a pyramid structure, with yield rate and risk value on the top, which is supported by many factors and different investment portfolio. This paper analyses relative factors from top to bottom along the pyramid. It analyses the composition and yield origination of net-assets of Open-end Fund, fees and fees rate of Open-end Fund, the determination and calculation to the value of Open-end Fund under different yield rate, and the affection of financial ratios to yield rate. Meanwhile, it discusses measurement of the future value of Fund (mainly risk of the Fund and desired yield rate), the determination of system risk and non-system risk of Open-end Fund.At last, this article analyses the relation of income distribution and the value of fund and taxation distribution and the value of fund. On the above basis, this paper expounds the affection of Open-end Fund to bond traders, fund management companies, state-owned commercial banks and financial market.