安徽工程大学学报
安徽工程大學學報
안휘공정대학학보
JOURNAL OF ANHUI UNIVERSITY OF TECHNOLOGY AND SCIENCE(NATURAL SCIENCE)
2012年
3期
81-85
,共5页
开放式基金%基金持有份额%影响因素%实证研究
開放式基金%基金持有份額%影響因素%實證研究
개방식기금%기금지유빈액%영향인소%실증연구
open-end fund%fund shares%determinants%empirical study
以2004年前的98只开放式基金2004-2010年的半年数据为样本，运用合并数据-pooling方法估计模型参数，以对比形式研究影响基金投资者基金持有份额的相关因素．结果表明，基金业绩对基金持有份额的影响存在差异，尤其是单位累计净值增量因素；基金风险显著影响基金持有份额，且个体投资者更明显；基金管理公司规模显著影响基金持有份额，体现了其规模效应；基金上市时间的长短总体上显著影响基金持有份额，但未体现其品牌效应；基金交易费率总体上不显著影响基金持有份额；基金投资者前一期基金持有份额显著影响其当期基金持有份额．
以2004年前的98隻開放式基金2004-2010年的半年數據為樣本，運用閤併數據-pooling方法估計模型參數，以對比形式研究影響基金投資者基金持有份額的相關因素．結果錶明，基金業績對基金持有份額的影響存在差異，尤其是單位纍計淨值增量因素；基金風險顯著影響基金持有份額，且箇體投資者更明顯；基金管理公司規模顯著影響基金持有份額，體現瞭其規模效應；基金上市時間的長短總體上顯著影響基金持有份額，但未體現其品牌效應；基金交易費率總體上不顯著影響基金持有份額；基金投資者前一期基金持有份額顯著影響其噹期基金持有份額．
이2004년전적98지개방식기금2004-2010년적반년수거위양본，운용합병수거-pooling방법고계모형삼수，이대비형식연구영향기금투자자기금지유빈액적상관인소．결과표명，기금업적대기금지유빈액적영향존재차이，우기시단위루계정치증량인소；기금풍험현저영향기금지유빈액，차개체투자자경명현；기금관리공사규모현저영향기금지유빈액，체현료기규모효응；기금상시시간적장단총체상현저영향기금지유빈액，단미체현기품패효응；기금교역비솔총체상불현저영향기금지유빈액；기금투자자전일기기금지유빈액현저영향기당기기금지유빈액．
Based on half-year data of the period of 2004-2010 for 98 open-end funds established before 2004 and by using the method of integrated data-pooling to estimate model parameters, this paper studies the determinants on fund shares of open-end fund investor through comparative analysis. Results show that difference exists on the effect of fund performance on fund shares, especially in the determinant of NAPS growths fund risk significantly affects fund shares,it is more obvious for individual fund investor; the scale of fund management corporation significantly affects fund shares, reflecting its scale advantage. On the whole, fund age significantly affects fund shares,but does not reflect its brand effect; fund trans- action fee does not significantly affect fund shares ; fund shares of one-period lagged significantly affects its present fund shares.
