净赎回

首先，应用DEA方法计算各开放式基金年度投入、产出转化的相对效率得分，并考虑其对投资者净赎回、申购、赎回的影响。

First , I applied DEA method and got conversion efficiency scores from annual inputs , outputs data of open-end funds , and considered the effects of relative performance of DEA on investors ' net redemption , purchase , redemption .

应用门限面板模型考察基金FPR的非线性特征，发现基金净赎回与业绩凹形正相关，而申购、赎回与基金业绩凸性负相关。

The nonlinear characteristics of the fund FPR were founded in the threshold panel model . The relationship between net redemption of the Fund and fund performance is convex and positive correlated , while the relationship between purchase or redemption and fund performance are concave and negatively correlated .

据Morningstar的数据，截止到今年2月的12个月里，富达投资（Fidelity）的净赎回额为320亿美元（不包括货币市场基金）。

Fidelity , for one , had net redemptions of $ 32bn ( excluding money market funds ) in the 12 months to February , according to Morningstar .

去年的净赎回额达到了基金资产管理规模的5%左右，约合7亿美元。

Net redemptions last year reached about 5 % of fund assets , or around $ 700 million .

此举造成开放式基金遭遇大范围的巨额净赎回，开放式基金陷入困境。

Thus , investors have redeemed a lot of their fund share and Chinese open funds are in trouble .

我国开放式基金营销模式的缺陷与创新&基于对基金净赎回现象的反思

The Defect and Innovation of Marketing Model of China 's Open-ended Fund & An Analysis Based on Fund 's Net Redeeming Phenomenon

目前我国开放式基金净赎回现象比较突出，流动性风险凸显，危及到基金业的健康发展。

Nowadays , open-endedamd 's net redeeming phenomenon is standing out and the liquidity risk is obvious , which will endanger the funding 's healthy development .

基金的净赎回会给基金的运作管理和流动性风险带来不利的影响，研究基金净赎回的影响因素显得十分重要。

Open-end fund 's withdrawals can be destructive to fund operation and liquidity risk , so it is significant for us to study the influence factors of open-end fund 's net outflows .

从基金资金总流量和基金非预期资金总流量的对比分析中发现了预期资金在基金防范流动性风险中所起的重要作用，能够抵消投资者净赎回对投资组合的一定影响。

And the anticipated mutual fund flow surely plays an important role in counteracting a part of the effect in fund 's portfolio from the investors ' redemption behavior and then keeping the open-funds ' liquidity risk away .

基金的申购和赎回，尤其是净赎回会影响基金的运作管理以及证券市场的稳定，因而研究基金净赎回的影响因素显得十分重要。

The purchase and redemption of the fund , especially the withdrawals could be destructive to the fund operation as well as the stability of the capital market . Thus studying the factors that affect the purchase and redemption behavior is crucial .

开放式基金持续不断的出现净赎回，甚至非理性的巨额赎回现象对我国开放式基金的发展起到了十分不利的影响：首先，大量赎回加大了基金的运作成本，凸现流动性风险；

The open-end fund continues the unceasing appearance net-redemption , even irrational large amount redemption , this to our country open end fund development extremely disadvantageous influence : First , mass redemption has enlarged the fund operation cost , increased liquidity risk ;

主要发现是基金净赎回与业绩正相关，基金申购、赎回均与基金业绩负相关，基金异常净赎回由异常申购所致，并非异常赎回所致。

Major finding is that the net fund redemptions are positively related to performance , and fund purchase , redemption are negatively correlated with fund performance , and abnormal net redemption is due to abnormal purchase ,, not due to abnormal Redemption .

而深100ETF的净申购赎回对其跟踪误差的影响并不十分清晰。

However , the influence of the net request / redeem to its tracking error is not very clearly .