CAJ | 학술논문

在当前股市持续低迷、新基金发行难度不断加大和老基金发生大规模赎回的背景下,带有杠杆性质的分级基金却得到了飞速的发展,新基金的支数不断增加,老基金的份额持续增长,特别是以银华鑫利为代表的高杠杆基金甚至出现了非理性繁荣.“非理性”表现在其交易价格相对于净值出现大幅溢价;“繁荣”不仅表现在其份额持续高速增长,还表现在其成交量和成交额屡创新高.然而,银华鑫利非理性繁荣之后的不定期折算却给众多投资者造成了无法挽回的损失,究其原因主要是在股市持续下跌过程中,投资者受到了锚定效应、沉没成本效应和赌徒谬误等非理性行为的影响.针对这些非理性行为,文章建议投资者不要过度使用杠杆,尽量避开那些受追捧的投资品种,并为自己设立一个明确的止损点.
재당전고시지속저미、신기금발행난도불단가대화로기금발생대규모속회적배경하,대유강간성질적분급기금각득도료비속적발전,신기금적지수불단증가,로기금적빈액지속증장,특별시이은화흠리위대표적고강간기금심지출현료비이성번영.“비이성”표현재기교역개격상대우정치출현대폭일개;“번영”불부표현재기빈액지속고속증장,환표현재기성교량화성교액루창신고.연이,은화흠리비이성번영지후적불정기절산각급음다투자자조성료무법만회적손실,구기원인주요시재고시지속하질과정중,투자자수도료묘정효응、침몰성본효응화도도류오등비이성행위적영향.침대저사비이성행위,문장건의투자자불요과도사용강간,진량피개나사수추봉적투자품충,병위자기설립일개명학적지손점.
Although the issuing of stock funds became increasingly difficult and the large-scale redemption became more common during the downturn in Chinese stock market currently, classification funds with leveraged character developed rapidly with the number of new funds growing and the shares of old funds increasing during this time. High leveraged funds such as Yinhuaxinli even developed into irrational exuberance. "Irrationality" was reflected in their trading price having a substantial premium relative to their net value."Exuberance" was not only reflected in their shares growing rapidly, but also reflected in their trading volumes and turnovers reaching one new record to another. However, special liquidation of Yinhuaxinli resulted in huge irreparable losses for its investors after its irrational exuberance. There are many reasons behind their irrational exuberance, and anchoring effect, sunk cost effect and the Gambler's Fallacy are important ones. The lesson from such case study is that common investors should not use leverage excessively, try to avoid highly sought-after investing products, and establish a clear stop-loss point for themselves.