论文部分内容阅读
开放式证券投资基金(简称“开放式基金”),是指基金规模不是固定不变,而是可以随时根据市场供求情况增加新份额或被投资人赎回而减少份额的投资基金。开放式基金与封闭式基金比较,其主要区别体现在以下几个方面: (1)基金发行总额的固定性不同。这是封闭式基金和开放基金的本质区别。开放式基金发行总额是不固定的,可随时吸收投资者的新投资。而封闭式基金发行数额在封闭期内固定不变。 (2)基金交易价格确定的方式不同。开放式基金单位买卖时,交易的价格就是基金单位资产净值加上一定比例的手续费,交易价格确定方式比较简便,不会出现其他因素影响基金的交易价格。封闭式基金基金单位的买卖价格一般以资产净值为基础,受市场因素影响较大,交易价格往往围绕基金的资产净值上下波动,经常会出现交易价格高于基金资产净值的折价的情况。 (3)对资金运用策略不同。开放式基金要面临着投资者随时赎回基金单位变现的要求,因此基金资产中心必须要有一部分以现金资产的形式保存,以满足投资人赎回的需要。这样其资金就不能充分运用,投资成本相对较高。而封闭式基金在封闭期间不能赎回,所筹集的资金可以长期运用,这样提高了资金利用的效率,以期获得最大的投资效益。
An open-end securities investment fund (“open-end fund”) refers to an investment fund that does not have a fixed fund size but can reduce its share at any time according to market supply and demand or redeemed by an investor. Open-end funds and closed-end funds, the main difference is reflected in the following aspects: (1) the total fixed amount of the fund is different. This is the essential difference between closed-end funds and open-ended funds. The total amount of open-end fund issuance is not fixed, and investors can absorb new investments at any time. The closed-end fund issuance amount in the closed period fixed. (2) Fund transaction price is determined in different ways. Open-end fund unit trading, the transaction price is the net asset value of the unit plus a certain percentage of fee, transaction price determination is relatively simple, there will be no other factors affecting the transaction price of the fund. The closing price of closed-end fund units is generally based on the net asset value and is greatly influenced by the market factors. The transaction prices often fluctuate around the fund’s net asset value, and often the trading price is higher than the fund’s net asset value discount. (3) The strategy of using funds is different. Open-end funds to face investor redemption of the unit at any time the cash requirements, so the fund assets center must be part of the cash assets in the form of preservation, to meet the needs of investors redemption. In this way, its funds can not be fully used and the investment cost is relatively high. The closed-end funds can not be redeemed during the closure, the funds raised can be long-term use, thus increasing the efficiency of the use of funds in order to obtain the maximum investment returns.