【摘要】 本文研究发现,中国开放式基金的业绩及资金流动的关系与成熟市场不同,呈现负相关且为凹形。这说明投资者的选择未能发挥"优胜劣汰"机制。面临赎回压力较大的是业绩良好的基金而不是业绩较差的基金。通过对中国14只偏股型开放式基金的面板数据分析,发现影响投资者赎回的因素还包括收益的稳定性、分红、基金规模等因素。根据研究结果对基金管理者如何减少投资者的"反向选择"、维护基金长期持有人利益等提出了建议。更多还原

【Abstract】 We examine the performance-flow relationship in China open-end fund market and find that the PFR is negative and concave.The shape of PFR indicates investors’ choice doesn’t pose an incentive mechanism on fund managers:the better an open-end fund performs,the higher the net redemption rate is.We argue that return volatility,dividend,and fund scale are also important factors on investors’ choice making.Such results are valuable for fund management to reduce investors’ adverse choice.更多还原