【摘要】 开放式基金的运作过程中投资者需要面对外部效应的影响 ,投资者的收益与基金其他投资者及基金管理者的行为相关 .特别是当投资者的赎回行为将迫使开放式基金变现部分投资 ,以满足资产的流动性时 ,部分潜在的资本收益被迫变现并分配给退出者 ,同时新投资者的进入也会稀释基金当前的潜在收益 ,这些对原来的投资者都将产生直接的外部效应 .另一方面 ,在开放式基金的整个运作过程中 ,基金管理者采取怎样的成本计价方式也将对基金的投资者产生不可低估的外部效应更多还原

【Abstract】 Investors holding open end fund should face the classic externality.The after-tax return of their investment relies on the behavior of other investors and fund management.In particular, redemptions may force fund to sell some of its equities to pay off the liquidating investors,so part of taxable capital gain must be distributed.On the other hand,new investors convey a positive externality upon existing investors by diluting unrealized capital gain.The other stimulation shows that the different cost accounting method will lead to different externality for existing investors.更多还原