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基金的可赎回权是投资者减少基金代理问题的重要治理机制,本文基于2006—2010年中国偏股型开放式基金数据进行了实证检验。本文发现基金治理机制越弱,基金投资者会越倾向于在基金业绩较好时赎回其持有份额,即产生基金净流量,基金内部治理机制的改善可以减轻负相关关系,从而有利于基金规模的健康发展。本文的经验证据一方面表明基金投资者的赎回权是重要的治理机制,另一方面表明我国基金治理机制的改善是促进基金业健康发展的必有之径。
The redemption right of the fund is an important governance mechanism for investors to reduce the fund agency problem. This paper tests empirically the data of Chinese partial stock open-end fund from 2006 to 2010. This paper finds that the weaker the fund governance mechanism, the more the fund investors will tend to redeem their holding shares when the fund performance is better, that is, the net flow of funds will be generated. The improvement of the internal governance mechanism of the fund may reduce the negative correlation and thus benefit the fund The healthy development of scale. The empirical evidence on the one hand shows that the redemption of fund investors is an important governance mechanism, on the other hand, it shows that the improvement of the fund governance mechanism in our country is the only way to promote the healthy development of the fund industry.