我国封闭式基金折价交易的实证分析

The Empirical Analysis of the Closed-end Fund Discount in China

封闭式基金的交易价格长期低于其资产净值的现象,是金融学领域中一个令人费解的问题.本文简要介绍了“封闭式基金折价交易之谜”产生的由来,分析了我国封闭式基金折价交易的基本情况及其特征,我国封闭式基金的交易价格也存在着类似于国外学者总结出的封闭式基金折价交易现象的基本特征,只不过折价幅度更深.为此,本文从投资者情绪理论方面对该问题进行了实证分析,得出我国封闭式基金折价交易现象主要是由于投资者情绪的影响而造成的.

the exchange price of a closed-end fund is often less than its net value, which is an impenetrable problem in the financial area. This paper briefly introduces the origin of the closed-end fund discount mystery and analyzes its situation and characteristics in our country. It is found that the exchange price of our country＇s closed-end fund is similar with the characteristics of foreign country＇s closed-end fund discount but the discount level is much deeper. Therefore, this paper analyzes the question with empirical study from the investors＇ sentiment. In conclusion, investors＇ sentiment is the main reason for this phenomenon.