| Even though Chinese open-end fund have shown a rapid development both in number and size of net asset value since the establishment, especially 2007, but Chinese open-end fund also suffered a massive, comprehensive, continuous redemption at the same time. In foreign mature fund market, the open-end funds have the utility of "survival of the fittest". Chinese previous studies have reached the opposite conclusion:Chinese open-end fund showed punishing "blue-chip fund" phenomenon. As the fund market gradually mature, it is important to research our open-end fund market research exists "the paradox of fund redemption", digging redemption influencing factors, for investors, fund managers and regulators have important significance. Around the theme, this paper selects 56 open-end funds which established before the second quarter of 2006, choose NAV and other data do following research though statistical software and panel data models(1) Optimize the calculation of redemption ratio and funds yield and by comparing this two indexes then obtain the following conclusions. On the one hand, Chinese open-end fund market exist "the paradox of fund redemption" though the comparison the redemption ratio which calculated by fund unites with fund yield. On the other hand, Chinese open-end fund market does not exist "the paradox of fund redemption" though the comparison the redemption ratio calculated by fund amount with fund yields. Taking into account the fund’s frequent split in recent years, the author prefer the latter conclusion.(2) Though empirical research on the open-end fund redemption’s influence factors by using balanced panel data model, the results show that the stock market returns, market sentiment, fund returns, fund size and fund investor sentiment can restrain the open-end fund redemption behavior. Good indicator values can motivate investors to invest or continue to hold. The proportion of individual investors and fund net redemption rate have positive relationship. In addition, the fund duration does not format the main reason to "star effect", because Chinese open-end fund is being on the "contending" stage, many new fund also has a good competitive advantage. |
