开放式基金申购赎回：基于分离现金流量的研究

本文采用O’Neal分离现金流量方法研究基金业绩对开放式基金投资者申购和赎回行为的影响。实证结果表明,基金业绩增长是决定股票方向开放式基金申购和赎回的重要因素,基金当期业绩与其申购比率和赎回比率呈正向关系,但影响程度呈非对称性;股票方向开放式基金投资者的申购、赎回决策主要考虑基金业绩,对基金业绩的波动性并不敏感。因此,提高基金业绩是股票方向开放式基金吸引投资者申购基金,增加基金份额的重要手段。

The purchase and redemption of open-end funds:a study based on SCF

By means of Splitting Cash Flow(SCF) of O'Neal,the paper studies the factors which influence the investors' purchase and redemption of open-end funds.The result of the empirical research indicates that the performance of funds is the primary variable determining the purchase and redemption of stock-oriental open-end funds.The performance of funds has a positive correlation with the net change rate of total shares,purchase rate and redemption rate of funds,and their influence is asymmetrical.The investors of stock-oriented open-end fund make decisions of purchase mainly basing on the return of funds,but not sensitive with the variability of return.Consequently,improving the return is the key for stock-oriented open-end fund to attract investors and increase the total shares of funds.