摘要
针对投资者流动性赎回对开放式基金的冲击,分别建立了负担基金与非负担基金的最优管理模型,从基金经理最大化自身管理费收入的角度出发,得出了负担基金收益率大于非负担基金的充分条件。结果发现,基金投资者的流动性需求越低,或者负担基金经理相对非负担基金经理的管理能力越高,又或者负担基金的管理费率相对非负担基金越低,以及赎回费率越小,则负担基金收益率越有可能大于非负担基金。
Considering the impact of redemption on open-end funds, this paper set up the models of optimal managements of open-end funds respectively from load funds and no-load funds, and deduced the sufficient condition of load funds＂ yield rate larger than no-load funds from fund managers＂ aim of maximization of their management fee yields. Results show that, the lower the investors＂ liquidity demands, or the higher load funds managers＂ ability, or the lower load funds＂ management fee rate than no-load funds, or the lower load funds＂ redemption fee rate, the larger load funds＂ yield rate than no-load funds.
出处
《系统管理学报》
北大核心
2007年第1期74-77,共4页
Journal of Systems & Management
