创新型封闭式基金的实证分析
摘要
在经过近5年的沉寂之后，中国再次发行封闭式基金，跟以往发行的封闭式基金不同，这次发行的是创新型封闭式基金，是以降低甚至消除封闭式基金的折价率为出发点的。那么创新型封闭式基金究竟创新在哪里？是怎样降低折价率？怎样投资创新型封闭式基金呢？本文选取先后出炉并已经上市交易的两只创新型封闭式基金——大成优选股票型基金和国投瑞银瑞福分级股票型基金，并对这两只基金作对比和实证分析。先分析其现状，再从影响折价率的因素着手，研究净值与价格的因果关系、协整性和净值与主要指数的相关关系。最后，提出投资创新型封闭式基金的几点建议。
关键词：创新型，封闭式基金，折价率，因果关系，协整
ABSTRACT
After passes through quietly the nearly for 5 years, China distributes the close-ended funds again. Differ from former close-ended funds，this release was the innovation close-ended fund，which in order to reduce or even eliminate the discount rate of close-ended fund. Then，what are the innovations to innovative close-ended funds？How to reduce the discount rate？How invests innovative closed-end funds？In this paper，choosing tow funds which appear successively and traded in stock market already——dachengyouxuan stock fund and ruifufenji stock fund，compare with and empirical analysis them. First，analyses their present situation，then，with the factors which influence the discount rate，research the causality and the co-integration between net asset value and price，and the relationship between net asset value and main indexes. Finally，give some pieces of advice for invest innovative close-ended funds.
Key Words：innovative，close-ended fund，discount rate，causality，co-integration
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