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开放式基金采取“不知价、即赎回”、“先确认、后备款”的赎回规则。极端市场情况下,赎回规则可能引发损害投资者利益、降低基金净值、加剧股市下跌和市场恐慌情绪、规避巨额赎回等负面效应,恶化基金公司的流动性管理水平。笔者认为应从赎回规则法律设计的合理性以及基金公司内部流动性管理能力提高的角度予以完善。
Open-end funds to take “do not know the price, redemption ”, “first confirmed, reserve money ” redemption rules. Under extreme market conditions, redemption rules may lead to the detriment of investors, reduce the net value of the fund, exacerbate the stock market decline and market panic, avoid the huge redemption and other negative effects, and worsen the liquidity management of fund companies. The author thinks that it should be perfected from the rationality of legal design of redemption rules and the improvement of liquidity management ability of fund companies.