开放式基金交易影响因素及对券商代销的借鉴意义

Influence Factors Analysis of Open-end Funds and Quotable Advices for Securities Traders

通过对一证券公司营业部所有基金客户(4000人)近两年交易数据进行统计分析,总结其申购、赎回开放式基金的特征,找出券商个人客户进行开放式基金交易的影响因素,以期提出对券商代销基金的借鉴意义。选取客户集中购买的10只样本基金进行重点研究,对比各个基金份额变化反应出的不同时间段内基金份额净申购赎回情况,以此对投资者申购赎回基金份额行为进行判断,同时对证券公司代销基金提出一些建设性意见。

The paper conducts a research on the recent two yearn＇ trade data of all the fimds＇ holders （4000 customers） from the division of business in a security company. It reveals the characteristics of the call （application）,redemption of the Open-end Funds; Locates the factors influence the trade between Open-end Funds＇ holders, and thus presents quotable advices for securities traders. The research method is statistical analysis of the 4000 customers＇ trade information, uncovering the features of the investors＇ trade; choosing ten representative funds which are held by most of the customers; comparing the call and redemption status when there are changes in the proportion of the fimds at the same period and changes in the proportion of the funds at different periods; accordingly deducing the application and redemption manners of the investors （with brokers or without brokers）. In addition, the paper provides constructive suggestions for the Open-end Funds sales agencies.