开放式基金的宏观定位和制度比较

The macro-orientation and system comparison of open-ended fund

从宏观上来看 ,开放式基金不仅是一种金融投资工具 ,更重要的是一种创新的金融中介组织。从制度上分析 ,开放式基金具有降低交易成本、减少信息不对称和减少投资风险的优点。与封闭式基金相比 ,开放式基金能更有效地防止逆向选择和道德风险。与商业银行相比 ,它更能满足不同风险偏好投资者的需要 。

From the point of macroeconomics, open-ended fund is not only a financial investment instrument, but also an innovative financial intermediate system. open-ended fund could cut down the exchange cost and lessen information asymmetry and investment risk. Compared with close-ended fund, open-ended fund keep away moral hazard and adverse selection effectively. Contrasting with commercial banks, it may satisfy different risk-special investors and reduce the systemic risk.