封闭式基金折价问题一直是理论界的难解之谜,对此的解释主要有投资者理性和有限理性两类框架。本文从比较了两类框架之下的观点对中国A股封闭式基金折价问题的解释能力,着重以实证形式从收益波动率等方面验证了缺失赎回权导致封闭式基金折价的解释。 Closed-end fund discount has always been the mystery of the theoretical circles, the explanation of this mainly investors and bounded rationality rationality of two types of framework. This article compares the two kinds of frameworks under the point of view of China’s A-share closed-end fund discounted the ability to explain, focusing on the empirical form of the return volatility and other aspects of the loss of redemption led to the closed-end fund discount.