封闭式基金折价的委托代理成本解释

The Principal-Agent Cost Explanation of the Discount of Closed-end Fund

封闭式基金折价是一个令人们深感困惑的问题。这个问题存在于中国的证券市场和西方发达的证券市场。对于封闭式基金的折价的解释,没有一个统一的观点。该文从投资者扣基金经理之间委托代理产生的代理成本的角度,分析了我国封闭式基金折价的原因。

The discount of closed-end fund is a question that puzzles people deeply. The question exists in the securities market of china and the West . There is no unified view to the explanation of the closed-end fund. From the angle of the agent' s cost which comes from the Principal-Agent between the investor and fund manager, the article analyses the reason of the discount of closed-end fund of our country.