【作者】 徐为民；

【导师】 安合祥；

【作者基本信息】 天津财经大学 ， 金融学， 2007， 硕士

【摘要】 我国开放式基金仅仅用了六年的时间,就已成为我国机构投资者的中坚力量,2006年是真正意义上的基金发展元年,开放式基金规模迅速膨胀,亦取得了骄人的业绩,显示出旺盛的生命力。本文从我国开放式基金嬗变的角度,分析了基金发展遭遇的问题,对开放式基金的协调发展问题进行了阐述。首先,论文讨论了相关概念的内涵与外延,以及基金发展的宏观经济背景,从股权分置改革、流动性过剩和财富效应三个方面,揭示了我国开放式基金结构变化的源泉。并对基金研究进行文献综述,探究了研究的脉络,以期建立研究的理论基础。其后,从结构嬗变的视角,分别从股票型基金的繁荣、基金公司集中度等七方面,应用大量的数据和资料,刻画了我国开放式基金的结构变化进程,并在此基础上,运用博弈论、行为金融等理论阐释了倒逼机制、噪声交易、马太效应等结构效应。再后,运用对比的方法,采用2005和2006的两年数据,运用向量自回归和协整理论,进行定量的分析研究。然后,借用金融生态理论、竞争理论、金融创新理论,描述了协调发展的动力。最后,总结全文,得出结论,对开放式基金的发展进行了展望。更多还原

【Abstract】 After merely six years, the open-ended fund in our country has become backbone of the institutional investors. It is the first year of real significance of the fund development in 2006. The rapid expansion of the open-ended fund rapid inflation is obvious, and also has obtained arrogant person’s achievement, demonstrates the exuberant vitality. Based on our country open-ended fund evolution angle, this article analyzes the fund development bitter experience in growth and carries on the elaboration to the open-ended fund coordinated development question.Firstly, the paper introduced the connotation and extension of the correlation concept, as well as the fund development macroscopic fund background. There are the reform in stock market, Excess liquidity and the wealth effect , which has promulgated our country open-ended fund structural change. And the paper has made the literature summary to the fund research, inquired into the research vein, and established the theory background which this article studies.Secondly, based on the structure evolution angle of view, with the stock fund prosperity, the fund company and so on seven aspects, the application of massive detailed data and the material has portrayed our country open-ended fund structural change. In this foundation, using the game theory and behavior finance the paper has explained the compelled mechanism, the noise trade, and so on.Thirdly, according to contrast method, using 2005 and 2006 two years data, the paper uses the Cointegration and vector autoregressive model, and carries on the quota the analysis. Then, the article describes the coordinated development power with the financial ecology theory, the utilization competition theory and the financial innovation theory,Finally, the paper summarizes the full text, draws the conclusion, has carried on the forecast to the open-ended fund.更多还原