Research On The Influence Factors Of China's Graded Fund Discount

China's grading fund has been in existence for more than 10 years since its establishment in 2007,playing a very important role in the capital market.Because of its unique leverage charm,the grading fund has been favored by investors through the arbitrage of the discount rate.But high yield also accompanied with high risk,rating fund price fluctuations is very frequent,so there will be a sudden rise or fall without warning,making investors disoriente and suffer huge losses.Therefore,it is necessary to understand the operation mechanism of the graded fund,and then analyze the factors that affect the change of the discount price,so as to avoid losses in time and make rational investment.Based on this,it is very important to study the influence factors of the discount premium level.Firstly,this paper summarizes the research on the relationship between the design of graded fund and the influence of other factors on the discount premium.Secondly,the influencing factors are sorted out from two aspects,such as the design terms of the classification fund itself,and theoretical analysis is made on the influence of the factors influencing the discount price.Then combined with the market performance of China's graded funds and the historical discount premium level of the selected sample funds,the characteristics and differences of the discount premium of China's graded funds are analyzed.Finally,leverage,liquidity discount terms,the cost of capital,product,the market index,the investor sentiment,this paper uses these six to quantify the impact of factors,into the panel model,the empirical study of several factors.This paper combined with the actual situation of our country capital market,to financial knowledge,through the combination of theoretical analysis and empirical analysis method,the mysteries of the rating fund discount premium for the investors.Based on the above analysis,the empirical results found that down to convert the threshold value,investor sentiment,and the market index,for the classification of fund discount premium rate has significant influence,in addition to the leverage and investor sentiment these two factors,the effects of other factors on enterprising share consistent with the overall fold premium rate,with the preferred share is the opposite.On the combination of the above theoretical analysis and empirical analysis,based on the proposed classification of fund development in our country,in the future should be follow the ETF and LOF of operation mode,the early realization of hierarchical fund ofT+0 transaction,to improve the homogeneity of the hierarchical product and perfect measures such as market investment environment,promote the development of hierarchical fund in our country,thus promote the securities market to prosperity.