The Relationship Between Money Flow And Discount Rate Of Structured Fund's Preferential Units

Structured Fund through the use of leverage to invest in recent years has made great progress in China.The leverage of financial investment refers to the investment value of the investors through the bond or loan to expand the investment value,so as to get more income,of course,when investment losses will lose more.Compared with some developed countries,our country can be relatively small investment funds to invest,mainly concentrated in the classification of funds and margin trading business.The classification of the fund is the fund structure,generally speaking,it consists of two parts:the first part is a part of the agreed revenue,in addition to the agreed income also has regular reduced dividends;the other part is leveraged share class B,this part of the provisions of the discounted net domain,when the value is greater than or less than the net the provisions of the conversion will occur.In a statement,the classification of the fund contract revenue share and the share of the lever is as a whole to invest,grading fund leveraged share investors agreed to pay the proceeds to the agreed income share of the investors,the rest of the income or loss is borne by the leveraged share investors.This paper constructs 6 regression models were tested:the classification of fund B share discount rate on capital flow effect,grade B share fund cash flow to the discount rate effect,investor sentiment on the classification of fund B share capital flow effect,investor sentiment on the classification of fund B share discount rate effect and grade B share fund discount the rate of capital flow and investor sentiment common influence,grade B share fund flows and investor sentiment together on the discount rate effect.In 20 grade funds leveraged share as the sample,the study on the relationship between the classification of fund B share discount rate,total cash flow and investor sentiment,the research conclusions are as follows:the positive feedback trading hypothesis can directly explain the influence of grade B share fund discount rate of total cash flow in the stock market upward,but only in the stock market when the downlink indirect influence grade B share fund discount rate of total capital flows,investor sentiment can be directly explained very well;no matter in the stock market during the uplink information hypothesis or the stock market downturns can directly explain the total cash flow impact on the classification of fund discount rate,the investor sentiment hypothesis can be very good explain.Based on the above conclusions,we put forward some suggestions:first,for the classification of fund investors,you can observe the flow of funds to fund investment as a reference.Investor sentiment can affect the rate of return of the fund indirectly through the influence of the capital flow.Capital flow has become an important intermediate indicators.Second,to strengthen the classification of fund investor education,investors in the investment grade fund leveraged share losses,many investors actually do not know the reasons for the loss,the intrinsic mechanism of.grading funds is very complex.So it is urgent to strengthen investor education.for the classification of the fund's regulators,it should be appropriate to raise the threshold of investment grade fund.Third,The study found that when more institutional investors,investor sentiment can affect the classification of fund transactions,once the market of individual investors accounted for relatively large,will produce investor sentiment driven market phenomenon,prone to bubbles,so to reduce the noise traders on the field of grading fund.