China's published open-end fund portfolio and interim report in the second quarter of 2003 show that the net outflow share of 17 open-end fund in the second quarter exceeded 8 billion shares, and the net outflow share of 13 open-end fund published in 2002 was close to 100 billion shares in the first half of this year, with a net outflow ratio of 27.8%. This has aroused widespread concern from all walks of life. Through the research on the second quarter portfolio and interim report of open-end funds in China, we can see that it is an indisputable fact that open-end fund redemption and net cash outflow exist at the same time. However, the author believes that it is more important to eliminate some misunderstandings and treat the net outflow of open-end funds in China dialectically.

(1) Don't exaggerate the redemption nature of open-end funds.

Due to the defects of information disclosure of open-end funds at present, we can't classify the number of subscriptions in the reporting period from the information disclosure of portfolio and interim report. Including direct subscription, conversion subscription and dividend reinvestment subscription and redemption quantity? Direct redemption and conversion redemption lead to the misunderstanding of fund redemption and net outflow, overemphasizing fund redemption and ignoring fund subscription, resulting in an illusion. During the reporting period, all funds were redeemed and became a unilateral short-selling market. There was no subscription and no investors were optimistic about the fund trend, which exaggerated the seriousness of the redemption problem in nature and easily led to or triggered a vicious circle of the entire fund market or the basic market. In fact, take Bosera Value Growth Fund as an example. Although the redemption amount of the fund reached 2,046,543.8 million yuan in the first half of the year, there were 842 million yuan of direct subscription and 9.3 million yuan of dividend reinvestment, and the actual net outflow was165438+89 million yuan. Therefore, it is very necessary to improve information disclosure and disclose the inflow and outflow of funds and cash by category.

(2) The net cash outflow is not necessarily related to the investor structure.

Open-end fund is a tool to invest on behalf of individuals and institutions with similar financial goals. However, it is generally believed that the redemption of open-end funds in China is excessively biased towards institutional investors in the process of fund sales. An example is Changsheng Growth Value Fund. When it was issued in August 2002, the number of shares raised was 365,438+67 million yuan, and the number of subscriptions per household exceeded 500,000. At the time of issuance, institutional investors are obviously the main body. Therefore, by the end of the second quarter of 2003, the actual share had dropped to165438+32 million yuan.

So the fund with individual investors as the main body will not suffer a lot of redemption? Let's take a look at Cai Xiang Hefeng series funds, which are mainly issued by individual investors. When it was issued in March 2003, the number of shares raised was 2.63 billion yuan, and the number of shares subscribed by each household was only 6.5438+0.48 million shares. Obviously, typical personal investment accounts for the main body. What was the result? Statistics show that in the second quarter of this year, the net outflow ratio of Cai Xiang Hefeng Growth Fund was 43.96%, and that of Cai Xiang Hefeng Stabilization Fund was 37.37%. Another example is Tiantong 180 index fund. When it was issued in February 2003, the average number of subscriptions per household was 38,000, which was also low among peers. The results show that the net outflow ratio in the second quarter of this year was 22. 15%.

Therefore, it cannot be considered that the open-end fund with individual investors as the main body is more stable than the open-end fund with institutional investors as the main body, and there will be no problems of large redemption and net outflow. The above examples show that the net cash outflow of open-end funds is not necessarily related to the investor structure. The view that individual investors will not quit with the changes of the market or other factors is actually discrimination against individual investors' investment management ability.

(3) The fundamental way out lies in the mature fund market in China.

At present, there is a large amount of net outflow of open-end funds in China, which has aroused many people's criticism or censure. Some people think it is an investor problem, such as: insufficient understanding of open-end funds and failure to establish a long-term investment concept; Some think it is a problem of fund management companies, such as: insufficient innovation of fund products, poor management performance of fund companies, and insufficient customer service of fund management companies; Some think it is a marketing problem, such as: the fund marketing goal is deviated, and both direct sales and consignment sales lack the concept of sustainable marketing; Some people think it is the problem of investment tools, such as: there are few investable varieties and lack of short-selling mechanism; Others think that regulatory issues, such as promoting institutional innovation, are not enough.

In my opinion, all these viewpoints can only explain one aspect of the problem to a certain extent. In fact, everything is split in two. We should also see a large amount of net cash outflow from open-end funds, so that investors can fully enjoy the "redemption" advantage of open-end funds with vivid facts, which may not be a good thing for the developing fund market.

As a 5-year-old? Open-end funds are shorter. Compared with the American fund market, which has an open-end fund history of nearly 80 years and has entered a mature stage after more than 50 years of development, the China fund market, which is still in its infancy for only three years, is recognized. However, if China's open-end fund market wants to reach the same level as the American market, the excessive redemption ratio will not lead to the net outflow of funds, so that investors can skillfully control the "liquidity boat" of open-end funds and display their investment skills in the "ocean" of the fund market. Only through the joint efforts of investors, fund managers, regulators and all walks of life, can the fund market and the basic market on which the fund market depends mature. (Guoyuan Securities Forest)