基金“封转开”绩效评估-金融学专业论文.docxVIP

A b A b st ra C t A b s tr a e t 即 en 一en d in g o f clo sed 一en d fun d s 15 o n e w ay to ad dress th e issu e o f exP iratio n ， w h ic h m e a n s e lo se d 一e n d f u n d s 15 c o n v e rt e d i nt o o P e n 一e n d f u n d s to m a k e t h e m ark et P rice equ al the N A V (net asset v alu e). hi the v iew o f dom estie an d foreign e x P e ri e n c e ，而 5 m e th o d h a s b e e o m e a n in te rn a tio n a l t re n d : in t h e U n ite d S ta te s there are m an y clo sed 一en d fund s tran sited int o o补en 一en d fun d s ev 娜 year: in T ai w a n t h e e lo s e d 一to 一o P e n t ra n sitio n h a s b e c o m e b o o m in g si n c e 1 9 9 0 5 ; in C z e c h the tran sition h as also b egin from 19 9 8 ; in C hin a，the Pr o cedu re form ally st叭 5 in 2 0 0 6 . Th e P rim ary objectiv e o f the o P en 一en d in g P ro eed u re 15 to el加 in ate the d i s c o u n t P ro b le m to P ro te c t in v e sto r s ’in t e re sts . O n a u g u st g ，2 0 0 6 ，t h e X in g y e f u n d su c e e e d e d in b e in g t ra n site d f ro m t h e e lo se d 一e n d f u n d s to o P e n 一e n d f u n d s， wh ich 15 the first ease in C h in a. 吻 to O ctob er 2 0 0 9 ，there h av e b een 2 7 c lo s e d 一e n d f u n d s in C h in a im P le m e nt e d t he t ra n sitio n . N o W ， o n ly 2 7 e lo se d 一e n d 九 n d s re m a in in m a r k c t. T h e in f lu e n c e o f t h e im P le m e nt a tio n o f C lo s e d 一to 一o P e n t ra n sit io n h a s e m e rg e d g r a d u a lly . M o re a n d m o r e P e o P le P a y a tt e nt io n to t he is su e o f e x P i ra ti o n o f t h e r e m a in i n g f u n d s . B e e a u s e o f t h e in h e r e nt sh o r tc o m in g s ，su c h a s “m o r al h a z a rd ，，a n d “a d v e r s e selecti o n ，，，seri o u s d isco u nt P rob lem s，the high tran sactio n eo sts，the so luti on for t h e i