中国封闭式基金折价现象实证研究

封闭式基金折价现象在很多国家都存在,而且是一个难解的谜团,中国股票市场是一个新兴市场,投资者只有短短十几年的投资经验,中国封闭式基金折价有自己的一些特点,文章通过对中国封闭式基金的折价进行实证研究,得出了中国封闭式基金具有发行高溢价、交易期内波动幅度大且大幅折价、存在规模效应、两两之间相关性强、与小盘股指数高度正相关等特点.

Research of the Discount of China Close-ended Fund

The discount of close-ended fund exist in many countries,moreover it is a difficult riddle,China stock market is a emerging market,the investor only has a short several year investments experience,the discount of China close-ended fund has its own characteristics,this article gives some result of China close-ended fund through real diagnosis research,that is:China close-ended fund have the high premium of IPO,in the transaction time the margin of fluctuation is big and the discount is large,the existence of scale effect,Mutual relevance is strong,highly positive relevance with the small dish stock index.