封閉式基金向開放式基金轉變的思考
摘 要：由於國際基金市場上，開放式基金和封閉式基金份額的巨大變化，使得開放式基金逐漸成為基金市場的主流，並有著取代封閉式基金地位的趨勢。而這樣的轉變並不是偶然產生的，它是在長期的經濟形式推動下，以及當前基金市場的機制下孕育而生的。由於開放式基金有著顯著的優勢，例如：投資開放式基金比封閉式基金更容易規避風險等，以及封閉式基金存在折價風險，和運作效率低等方面的困境，更使得開放式基金成為基金市場主流是國際基金市場發展的趨勢。然而，我國基金業的現狀可以看出，封閉式基金仍然是我國的1種重要金融工具，再加上我國證券市場的不成熟等諸多問題，使得國內在實施“封轉開”的時候要選擇1種適合國內基金市場現狀的路徑及模式。本文通過對比封閉式基金與開放式基金的`優缺點，通過應用理論和案例的分析，先證明當前市場機制下，開放式基金成為基金市場主流是國際基金市場發展的趨勢。然後又結合當前國內基金業的情況，對“封轉開”的路徑和過程進行分析和思考，最後提出了我國“封轉開”的模式及轉後的效果分析。
關鍵詞：封轉開；過程；路徑；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