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开放式基金的申购赎回是市场和理论研究关注的热点。本文通过理论建模证明投资者的申购赎回行为受市场参与成本、市场信息多样化程度、投资者的事前乐观程度、股票的收益和风险,以及基金申购费率和运行效率等因素的影响,并运用数值方法分析各个因素对基金申购赎回行为的影响。结果显示事前的乐观程度、市场中观点的多样化程度和股票收益方差的增大将增加基金赎回,而基金运行效率的提高和降低基金的申购费率则促进基金申购。
The purchase and redemption of open-end funds are the focus of market and theoretical research. This article proves that investors’ redemption behavior is affected by such factors as the cost of market participation, the diversification of market information, the investor’s optimism in advance, the return and risk of stock, as well as the fund purchase rate and operating efficiency, And use numerical methods to analyze the impact of various factors on fund purchase and redemption behavior. The results show that ex ante optimism, diversification of views in the market and the increase of the variance of stock returns will increase redemption of funds, and the improvement of fund operating efficiency and the reduction of fund subscription rate will promote fund purchase.