封闭式基金向开放式基金转变的思考

封闭式基金向开放式基金转变的思考

摘要：由于国际基金市场上，开放式基金和封闭式基金份额的巨大变化，使得开放式基金逐渐成为基金市场的主流，并有着取代封闭式基金地位的趋势。而这样的转变并不是偶然产生的，它是在长期的经济形式推动下，以及当前基金市场的机制下孕育而生的。由于开放式基金有着显著的优势，例如：投资开放式基金比封闭式基金更容易规避风险等，以及封闭式基金存在折价风险，和运作效率低等方面的困境，更使得开放式基金成为基金市场主流是国际基金市场发展的趋势。然而，我国基金业的现状可以看出，封闭式基金仍然是我国的1种重要金融工具，再加上我国证券市场的不成熟等诸多问题，使得国内在实施“封转开”的时候要选择1种适合国内基金市场现状的路径及模式。本文通过对比封闭式基金与开放式基金的`优缺点，通过应用理论和案例的分析，先证明当前市场机制下，开放式基金成为基金市场主流是国际基金市场发展的趋势。然后又结合当前国内基金业的情况，对“封转开”的路径和过程进行分析和思考，最后提出了我国“封转开”的模式及转后的效果分析。

关键词：封转开；过程；路径；模式；效果

The Thought of Closed-end Fund to Be Open-end Fund

Abstract:As the international fund market, an open-end funds and closed-end funds share of the tremendous changes make an open-end fund has gradually become the mainstream market funds and closed-end funds have a position to replace the trend. But such changes have not accidental, it is the long-term economic boost, and the current fund market mechanism bred and hygienic. As an open-end fund has a significant advantage, such as: an open investment funds than closed-end funds more easily avoid risk, and closed-end funds passbook price risk, and operational efficiency of the plight of low, made the open-end fund market will become the mainstream of the Fund is the international fund market development trend. However, the fund industry’s status quo can be seen, closed-end funds is still an important financial tool coupled with the immaturity of Chinese securities market and other problems. which makes the implementation of closed-end fund to be open need to choose a suitable domestic fund market status of the path and model. By contrast closed-end funds and open-end fund advantages through the application of theory and case analysis. I prove that the current market mechanism, an open-end fund as the fund market mainstream of the international fund market development trend. I then combine it with the current domestic fund industry, right Closed-end fund to open the path and the process of the analysis and reflection. Finally, China should choose the right model.

Keywords:Closed-end fund to be open ,Process ,Path ,Mode ,Effect