封闭式基金缘何折价交易——行为金融学理论的解释

Exploration of the Puzzle of Closed-End Funds——View of the Behavioral Finance Theory

近一段时期以来 ,随着封闭式基金净值的加速攀升 ,其折价率一再创下新高。本文在简要分析并吸纳了传统解释的基础上 ,引入行为金融学理论 ,对这一现象从基金经理人和投资者两个角度进行了分析 。

Recently, with the rapid increase of their NAV, the closed end funds displayed a high discount level. After discussing those traditional explanations, we introduce the behavioral finance theory and examine this phenomenon from both the perspectives of the fund managers and the investors. A conclusion is made that the illegal behavior and herding behavior of the managers resulting from the efficiency lacking trustee agency relationship and the existence of so many noise traders might be the fundamental reasons.