投资者异质、信息搜索与中国基金赎回之谜

Mystery of Investor Heterogeneity,Information Search and Fund Redemption

基金赎回之谜是中国基金业的特有现象。本文通过构建包含投资者异质性、投资者信息搜索行为两种因素的投资者选择模型,证明了基金赎回之谜的存在,并进一步发现了另一种形式的基金赎回之谜:基金资金净流入与基金收益波动性呈反向关系。在此基础上,本文利用面板数据模型证实了这种赎回异象的存在。

The mystery of fund redemption is a special phenomenon in China. In this paper, we built an investors model including investor heterogeneity, investor information search behavior, h proved the existence of the mystery of redemption, and further found another form of the mystery of fund redemption ： the fund net inflow varies with inverse relationship from the volatility of fund income. In this basis the paper proved the existence of special phenomenon of redemption with panel data model.