开放式基金在中国的发展策略研究

【作者】 唐岩；

【导师】 栾庆伟；

【作者基本信息】 大连理工大学 ， 会计学， 2002， 硕士

【摘要】 开放式基金在全世界范围内迅猛发展，不仅使中小投资者受益，而且给各国经济发展提供了新的融资渠道。近十几年来，我国投资基金已经有了长足的发展，《开放式证券投资基金试点办法》的出台也为开放式基金的发行扫清了障碍，这必将使开放式基金得以更加迅猛地发展。 论文首先阐明了关于开放式基金的一般理论。主要阐述了开放式基金定义及特征，着重介绍了开放式基金与封闭式基金的区别。 其次分析了影响开放式基金的宏观因素及微观因素，宏观因素包括：经济周期，政府政策，银行利率，及市场的有效性；微观因素包括经理人的行为及能力和投资者的心理因素及行为。 文中总结和归纳出世界范围内开放式基金的发展历程以及现阶段开放式基金发展表现出来的规模、特征及趋势，指出了开放式基金在现代资本市场中的作用。 论文回顾了我国投资基金的发展历程，系统地概括了我国投资基金市场状况，对于目前开放式基金业发展状况作了分析和研究。指出了中国发展开放式基金已经具备的必要条件，如：良好的宏观经济环境，日渐完善的证券市场，具有成熟的投资理念的投资人，庞大的资金来源等；同时也看到了现阶段开放式基金发展中的瓶颈。如：成本较高，挤兑风险，缺乏避险工具，证券市场容量较小等。 最后，文章提出了在中国发展开放式基金应注意的问题及应对措施。如：完善法律与监督，健全业绩评估体系，加强市场营销，提高管理人业务水平发展研究力量，鼓励竞争防止垄断。更多还原

【Abstract】 The global development of Opened-end Funds,not only gives profit to middle and small class investors,but also provides a new financing method for economy development of countries all over the world. In recent over ten years,Chinese investment funds have made a great progress. Lately,玂pened-end Fund pilot standard}} has come on. It adequately showed the strength and resolution of government to speed the development of Opened-end Fund in China.Firstly,the essay introduces the general theories on Opened-end Fund,such as the definition,character and the function. It also emphasizes the difference between Opened-end Fund and Closed-end Fund.Secondly, the essay analyses the macroscopic and the microcosmic factors that affect Opened-end Fund .The macroscopic factors include economy cycle,governmental policy, bank rate and market validity; The microcosmic factors include the managers’ behavior and ability, investors’ mentality and action.The author introduces the development course of Opened-end Fund all over the world,and summarizes the size,characters and directions of Opened-end Fund at present period. The author also point out the functions of the Opened-end Fund in capital market.With reviewing development course of Chinese Opened-end Funds,the author generalizes systematically investment funds market situation in China,analyses and researches the present Opened-end Funds’ development situation. Now there have been some necessary conditions that are benefit to develop Opened-end Fund in China,such as:nicer macro economic environment,the upstanding security market,the mature investor,the enormous capital resource,etc. At the same time,we should observe the bottlenecks,such as:high cost,extrusion risk,minor capacity of the security market,etc.At last, the essay probes into the main factors restricting development of Opened-end Funds at present period in China, and raises relevant countermeasures. For example: perfecting the law and monitoring,strengthening the assessing index system of funds achievements and efficacy,enhancing marketing, improving the professional level of managers,preventing monopoly and encouraging competition.更多还原