基金申购

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 .

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

开放式基金的申购和赎回给基金份额带来了不确定性。

Open-end fund share purchase and redemption to the Fund has brought uncertainty .

比起去年同期，今年加上一次性费用（指投资者在进行基金的申购、赎回或转换时需要缴纳的费用）后的净利润下跌了28%。

Net profit , including one-time charges , fell 28 % from the same period last year .

证券经营机构不得允许一个自然人开设和使用一个或多个资金帐户对应多个股票帐户或基金帐户申购本基金。

The securities operating institute shall not permit an individual to establish and adopt one or more capital accounts for subscribing the funds by corresponding several share accounts or funds accounts .

文章针对开放式证券投资基金的申购、赎回机制，给出了一种确定基金预留现金比例系数的方法，为开放式基金公司的良性运作提供了一个参考。

In this paper , based on the purchasing and redeeming mechanism of open_end securities investment funds , a method of ascertaining the obligated cash proportion coefficient is presented and a reference for the fine operation of open_end investment company is offered .

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 .

目前，中国监管机构要求对冲基金公司询问申购者在风险方面的考虑。

Mutual fund companies are now required by the Chinese regulator to ask subscribers about their appetite for risk .

由于开放式基金具有自由申购与赎回的特征，因此与封闭式基金相比，它更加受到广大投资者的青睐。

Compared with closed-ended fund , open-ended fund has been welcomed because they can be purchased and redeemed based on the investors ' own judgments .

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 .

第二章从开放式基金的设立、申购与赎回，产品设计与销售，费用和收益分配，资产管理和风险管理等方面详细论述了我国开放式基金的运作情况。

Chapter 2 expounds the instauration , purchase , redemption , venture management , asset management of open-end funds in our country .

第一款规定的情形消除的，基金管理人应当向本所提出恢复接受基金份额申购、赎回申报的申请。

Where the conditions prescribed in the first paragraph are eliminated , funds managers shall submit application to this bourse to resume the acceptance of reporting of subscription for and redemption of unit fundfund units .

正因为如此，货币市场基金大受投资者的追捧，也引起了去年货币市场基金的发行和申购热潮。

That is why money market funds has investors pursued , but also raises the issue last year , money market funds and purchase upsurge .

近十年来，我国开放式基金发展迅速，不同于封闭式基金，开放式基金投资者可以自由申购或赎回份额，从而影响基金规模。

In the last decade , the open-end fund has been developing rapidly . Unlike closed-end fund , investors can purchase and redeem open-end fund directly from itself , thus to change the amount of shares .

因此在基金投资过程中，基金财务信息对依靠其进行基金投资分析的基金投资者的申购行为的影响将越来越大。

Therefore in the fund investment process , the fund finance information will more and more influence the buy behavior of the rational fund investor who depend the information to choice invest .

基金投资者如何对基金进行选择投资，以及在选择投资过程中，基金投资者的申购行为怎样受到基金财务因子的影响等问题日益受到广泛的关注。

The problems that how the fund investors carry on the choice investment to the fund , as well as by which fund finance factor the fund investor ' behavior was influenced in the choice investment process were received the widespread attention .

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 .