分级基金折溢价与套利研究金融专业论文.docxVIP

AbstractSince Abstract Since the beginning of the securities investment funds in 1 992，there are plenty of securities investment fund products to promote the fund market in our country，and even the development of capital market．More than 20 years of time to get the industry to construct the complete industrial line．Traditional structured，professional，systematic fund products brought difficulties to the innovation of the fund．Fund industry to broaden its investment channels from traditional investment mode，to reform and innovation of fund，And the breakthrough of specialization and differentiation of the fund，which form thek own style characteristic，to open up another prosperous scene．At this point，the Structured Fund appear just adapt to the market which the needs of the development of personality． The structured fund is a kind of innovation of products，which the decomposition of fund income or net worth，forming two levels or multistage risk earnings performance has certain differentiation fund share fund variety．Usually,structured fund comains two types of child share：low risk share(A share)and high risk share(B share)，low risk share have fixed income，risk share after meet the provisions of the low risk share earnings．bear all the lOSS and residual income． Since the China’S first structured fund established in，2007，For eight years，after many times the framework have been changed gradually stable．The size of 6 billion from the beginning，after two growth，the scale has been up to more than 5 00 billion．The types of Structured fund enriched，the number of them ever increasing，and mechanism of these fund SO popular with investors because of their unique design．Between 2014 and 201 5，more B shares have boomed to leave deep impression to investors．The structured fund also became an important investment target． In order to provide some reference and advice to investors who interested in the structured fund．In this paper，I studied the discount premium and arbhrage of