我国开放式基金投资者赎回的影响因素

Influent Factor Analysis of Chinese Open-end Fund Investor Redemption Behavior

在2003年和2004年股市一直处于低迷状态时,我国开放式基金业绩在整体上仍然能够跑赢大盘,给投资者的回报收益率大于同期银行存款利率,可是基金市场却遇到投资者的大量赎回.利用2003年至2004年的面板数据对投资者的赎回行为进行研究发现:基金净值和分红均与赎回率显著正相关;基金累计净值与赎回率显著负相关;债券型基金对整个市场赎回的贡献显著正相关,股票型基金则不显著;投资者并不注意投资成本,表现为赎回费率和申购费率根本没有起到阻止赎回的作用.

The performance of open -end fund in China still could won over the composite when stock market was in bear market in 2003 and 2004. The yield investor got was higher than bank deposit rate of corresponding period. But funds were met investor＇s large redemption. The authors use the year panal data of 2003 and 2004 to study investor redemption behavior. The result are： （ 1 ） Fund net value and dividend are significant positive correlation with redemption rate. （2） Fund accumulative total net value is significant negative correlation with redemption rate. （3） The bond fund is significant positive correlation with total market redemption behavior, but stock fund is not. （4） Investor is unaware of investment cost, which represents the redemption rate and purchase rate didnt hold back redemption at all.