摘要
封闭式基金折价是困扰众多投资者和研究者的问题,先前有很多研究从不同的角度来探讨原因。本文在分析了规模相近的基金折价率变动相关性的基础上,选择了两个可能与折价率变动有关联的变量进行回归分析,结果表明:基金折价率的变动与市场因素不相关,而非市场因素-投资者情绪对折价率产生主要影响。
The discounts of closed-end funds have been puzzling many researchers and investors. Many researches ever undertaken attempted to figure out the reasons from various angles. Based on analyzing the relativity of the discounts of closed-end funds with the same scale, the paper chooses two variables relevant to the discount change for regression and analysis. The conclusion shows that the change of discounts of closed-end funds is not connected with the market factors, but greatly influenced by non-market factors i.e., the investor sentiment.
关键词
基金折价
市场因素
非市场因素
投资者情绪
Discounts of funds
Market factors
Non-market factor
Investor sentiment
