极端市态中基金申购赎回行为研究——基于中国开放式股票型基金的分析

Research on Fund Subscription and Redemption by Investors in Extreme Markets—Analysis based on China's Open-end Stock Funds

自2007年初至2008年末,我国证券市场经历了一轮明显的牛熊市转换。对这一时段的基金申购赎回行为进行研究发现:在极端市态中,开放式股票型基金申购、赎回数量的巨额差异背后,存在着申购、赎回行为影响因素的巨大差异。通过对这些差异的研究,可以为深入了解投资者的心理,预测和指导未来投资者行为提供很好的帮助。研究结果还表明:我国基金的个人投资者正在走向成熟;基金的机构投资者较为理性,其交易行为趋向长期化。

During 2007 and 2008, the domestic stock market transferred from bull market to bear market dramatically. With the research on fund subscription and redemption by investors during this period, the author finds out that in the extreme markets, there exist a big gap between the amounts of open-end stock funds subscribed in the bull market as well as bear market and the amounts of open-end stock funds redeemed in the two markets are also significantly different. He also finds out that the factors influencing the fund subscription and redemption in the bull market and bear market are distinct. Through the research on these differences, we could look into the fund investors＇ psychology and it helps us predict and guide investors＇ behavior in the future. The research also indicates that the individual investors in our country are becoming mature; the institution investors are more rational and their holding period is relatively long.