Net Subscription Amount = Subscription Amount-Subscription Fee (2)
Substituting (1) into (2), we can get:
Net Subscription Amount = Subscription Amount-Net Subscription Amount x Subscription Rate (3)
After moving the second item to the left, you can get:
Net subscription amount = subscription amount /( 1+ subscription rate) (4)
Subscription Share = Net Subscription Amount/Net Fund Share on the Subscription Day (5)
If it is an on-site subscription fund, the subscription share is only an integer part, and the decimal part is converted into an amount and returned to the investor. The relevant calculation formula is as follows:
Actual Subscription Share = Integer Part of Subscription Share (6)
Actual net subscription amount = actual subscription share × net value of fund share on the subscription day (7)
Refund amount = purchase amount-actual net purchase amount (8) or more is a reasonable calculation method. However, in the past, the calculation method of multiplying the subscription amount by the subscription rate was adopted in China to calculate the subscription fee. This is an extremely unreasonable calculation method. Please look at the following analysis:
Subscription fee = subscription amount × subscription rate (9)
According to Formula (2):
Subscription amount = net subscription amount+subscription fee (10)
Substituting (10) into (9), we can get:
Subscription fee = (net subscription amount+subscription fee) × subscription rate
= net subscription amount × subscription rate+subscription fee × subscription rate (1 1)
As can be seen from the formula (1 1), the subscription fee consists of two parts: the first item is the subscription fee calculated according to the formula (1), which is a reasonable fee that investors should pay; The second item is actually a fee charged repeatedly as the subscription amount, which is an extra fee that investors should not pay, so it is extremely unreasonable.
It can be seen that it is extremely unreasonable to calculate the subscription fee according to the subscription amount, that is, formula (9). Therefore, after years of struggle, the CSRC decided to calculate the subscription fee according to the net subscription amount, that is, according to the formula (1), that is, to delete the second unreasonable subscription fee in the formula (1 1) and only charge the first reasonable subscription fee. It is reasonable to calculate the subscription fee according to the formula (1)!