净申购

中国开放式基金净申购率的实证研究

Empirical Study on Net Purchase Rate of China Open-end Funds

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 .

在牛市中，基金投资者净申购率与基金资产组合的现金持有比例正相关，但在震荡市中却为负相关。

In a bull market , the rate of fund inflows and the proportion of fund cash holdings has positive correlation ; however , the correlation is negative in oscillation market . 2 .

此外，本文还运用面板数据模型实证分析了基金的投资绩效、收益波动、单位分红、基金规模、基金费用、证券市场收益率以及基金投资的资金成本对开放式基金净申购率的影响。

Also , a panel data model is adopted to analyze the impact of investment performance , return volatility , unit dividend , fund size , fund expense , market yield and capital cost of investment on the net purchasing rate of open-end fund .

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 .

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 .