我国债券型开放式基金申赎行为的实证研究

Demonstrative research of China stock opening fund foreclosure behavior

债券型基金和偏股型基金的投资对象有所不同,在其申赎行为的影响因素上也自然有所不同。文章对影响我国债券型基金申购和赎回的主要因素进行了实证研究,结果表明在我国债券型基金的投资者中存在着"处置效应",也即是投资者倾向于赎回高收益率基金而持有低收益率基金,但并不存在收益率越高、净赎回越多的"赎回困惑"现象。另外,市场利率对债券型基金的申购和赎回也有重要影响。

Bond funds and Partial stock funds are di-fferent type fund because their＇s investment object is difference,so the factor effect purchase and redemption are difference.This paper do empirical research for main factors effect the purchase and redemption of Bond funds in China,the result shows that there is a ＂disposition effect＂ exist in our country＇s Bond funds investor,that is,investors tend to redeem high-yield fund and holding low-yield fund,but there does not exist the ＂redemption confused＂ phenomenon.Else,the market interest rate is an important factor effects the purchase and redemption of Bond funds in our country.