开放式基金规模变动的计量模型与实证分析

应用面板数据(Panel Data)计量方法对中国四大类开放式基金规模变动的外部影响因素进行研究,并以股票型基金为例,对9只股票型基金的规模变动因素进行了分析．结果显示：在基金分类层面上．区间收益率、分红次数、国债全价指数和A股指数波动率与开放式基金规模变动显著相关；对于单只基金,除上述4个变量以外,基金份额总数和分红金额对基金规模变化也有显著影响．比较两个层面的分析结果发现：分类基金模型比单只基金模型具有更高的解释力度,而且投资者在选择基金类别和选择具体基金时对成本指标和风险指标的解读有所不同．

Econometrical model and empirical study of open-end fund flow in China

This paper examines the investment flow of open-end funds in China.Based on the panel data,the major four categories of fund flows are investigated separately.It is found that the aggregate flows of each category of funds are significantly related with investment re- turn,times of bonus,bond index and A-stock index variety.Further,9 stock funds are taken as samples to examine the individual fund flows in the same category.The results showed that two more variables are significantly related with individual fund flows,that is, the total unites under management and the sum of money delivered out as bonus.In general, the aggregate model presents more explanatory power than individual ones,interestingly,in- vestors show different understanding in cost variables and risk variables during choosing fund style and individual open-end fund.