Research On Subscription And Redemption Behavior Of Chinese Open-end Fund Investors

China’s open-end funds have gone through more than 20 years,with the gradual inc rease in the number of investors in the market,the market scale is also expanding,the n umber of funds from 5 in 1998 to 7,913 in 2020,the net assets of funds from 10 billion yuan in 1998 to 19 trillion yuan in 2020,forming a huge volume.Is one of the important to participate in the stock market main body,therefore,the stock market volatility also deeply affect the open-end fund’s performance,and thus affect the open-end fund invest ors to make investment decisions-purchase or redeem,and the irrational investors: thou shalt redeem behavior produces various influence first,frequent shen redeem would inc rease the cost of their trading buying the winners,and reduce the yields;Secondly,the p ursuit of hot spots will lead to the rapid expansion of fund scale in a short period of time,and the huge inflow of funds will cause huge management pressure for fund managers.Finally,the continuous decline of the stock market may trigger a huge redemption of inv estors,resulting in liquidity risk of open-end funds,which may lead to liquidation of fun ds at a light level,or spread to the stock market at a serious level.In recent years,fund i nvestment has become popular in China.Investors generally lack investment experience,so they are more likely to make irrational claims for redemption when the market chang es.The strong performance of the stock market in 2020 attracted a large number of inv estors to participate in the stock market by means of subscription funds investment,fund companies to issue the new base,subscription investors boom,fund investment become a hot topic for the whole year,in early 2021,however,the stock market a wave of conti nuous callback,a lot of fund a sharp retreat,Fund investors suffered serious losses,due t o the pessimistic expectations of the stock market,many fund investors choose to redee m fund shares,a lot of open fund scale significantly reduced,at the same time,investors purchase enthusiasm plummeted,fund companies issued new basis frequently encounte red cold.2021 Around the Spring Festival fund market staged this.Therefore,this paper chooses E-fund Blue chip selected mixed fund as a case study,and explores the irrational behavior of investors in China’s open-end fund market throu gh the foreclosure of investors in the fund under the macro and micro background.Befo re the case study,this paper first introduces the development status of open-end funds in China,the status of foreclosure and the factors affecting the foreclosure of investors,an d then introduces the irrational foreclosure behavior of open-end fund investors and its i nfluence,and explains it by using behavioral finance theory.In case analysis,the first in troduces the case of the macro to micro background to better understand the investors sh all redeem decisions,and select the case illustrates the basis,from two aspects of fund managers and fund products then introduces the basic information of the case,then from "foreclosure volume of single index,comprehensive index and investor sentiment three angles analyzes the case of shen redeem,Then according to the foreclosure case is divid ed into three stages,respectively study the reasons for the foreclosure of investors in eac h stage,the study finds that: fund performance,macroeconomic policies,securities mark et trends,investors’ expectations and emotions,fund visibility are important reasons affe cting the foreclosure behavior of open-ended fund investors;China’s open-end fund in vestors have short holding period,speculative psychology,following the trend of purcha se,redemption and other irrational behavior.Finally the case two shen redeem vision sp ecialized analysis,it is found that the " redemption behavior of open-end fund investors i n China are influenced by subjective factors slants big,to chase after go up kill drop,ch asing hot spots,overestimate their risk tolerance and timing ability,and once again prov ed the existence of redemptive vision,the study also found that fund investors purchase of the important reasons for the excessive marketing is also affected.In view of the irrational foreclosure behavior of investors in the case,the paper put s forward specific suggestions from the perspectives of individual investors,fund manag ers and fund supervisors,so as to guide investors to establish a correct foreclosure.