开放式基金赎回机制的外部效应  

External Effects of the Redemption Mechanism of Open-end Funds

作　　者：李曜[1] 于进杰[1] 

机构地区：[1]上海财经大学金融学院,上海200433

出　　处：《财经研究》2004年第12期111-120,共10页Journal of Finance and Economics

基　　金：教育部人文社会科学十五规划课题(01JA790093)

摘　　要：开放式基金的赎回机制,是其与封闭式基金相区别的根本特征之一,对基金市场参与各方产生了深刻影响。文章论述了开放式基金赎回机制产生的理论基础,推导出投资者赎回外部效应的一般模型,运用赎回外部效应理论分析了我国开放式基金的大面积赎回现象,最后提出了当前减轻赎回外部效应影响应采取的措施。Redemption mechanism of open-end funds, one of the most basic characteristics which distinguishes it from close-end funds, greatly influences all the fund market participants. First discussing the theoretical basis of open-end fund's redemption mechanism, the paper, then, deduces the general model of the external effects of investors' redemption. Employing the external effects theory of redemption, the paper analyses the overall redemption phenomena of open-end funds in China, and finally puts forward solutions to lessening the impact of the external effects of redemption.

关 键 词：开放式基金 赎回 外部效应 

分 类 号：F830.91[经济管理—金融学]