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开放式基金作为一种新型融资工具,对于推动证券市场的发展具有积极意义。但我国开放式基金在发展过程中不仅遭受了大规模赎回,还出现了“赎回困惑”现象,这些问题主要是由于基金发行存在缺陷、投资者缺乏长期投资理念以及“处置效应”等所造成的,为此需要完善资本市场、拓宽基金销售渠道、改变投资者的投资理念,为我国开放式基金发展创造更好条件。
As a new financing tool, open-end fund has positive significance for promoting the development of securities market. However, the development of open-end funds in our country not only suffered large-scale redemption, but also appeared the phenomenon of “redemption puzzle”. These problems were mainly caused by the flawed fund distribution, the lack of long-term investors’ ideas and “disposal effect” For this reason, we need to improve the capital market, broaden the fund sales channels, change the investor’s investment philosophy, and create better conditions for the development of China’s open-ended funds.