1.fund, English refers to a certain amount of funds set up for a certain purpose in a broad sense. It mainly includes trust and investment funds, provident funds, insurance funds, retirement funds and funds of various foundations.
Second, from the accounting point of view, capital is a narrow concept, which refers to funds with specific purposes and uses. The fund we are talking about mainly refers to the securities investment fund.
Third, according to whether the fund unit can be increased or redeemed, it can be divided into open-end funds and closed-end funds. Open-end funds are not traded on the market (as the case may be), but are purchased and redeemed by banks, brokers and fund companies, and the fund scale is not fixed; Closed-end funds have a fixed duration and are generally listed and traded on the stock exchange. Investors buy and sell fund shares through the secondary market.
Fourth, according to the different organizational forms, it can be divided into corporate funds and contractual funds. A fund is established by issuing fund shares to establish an investment fund company, which is usually called a corporate fund; The establishment of fund managers, fund custodians and investors through fund contracts is usually called contractual funds.
Fifth, China's securities investment funds are all contractual funds. According to the difference of investment risk and income, it can be divided into growth fund, income fund and balanced fund. According to the different investment objects, it can be divided into four categories: bond funds, stock funds, money funds and hybrid funds.
6. Trust funds refer to investment funds whose scale has been determined before issuance, fixed within a certain period after issuance and traded in the securities market.
Seven, because the closed-end fund is traded in the securities market, the transaction price is affected by the relationship between market supply and demand and does not necessarily reflect the net asset value of the fund, that is, the transaction price of the closed-end fund has a premium and a discount relative to its net asset value. The practice of foreign closed-end funds shows that the transaction price often has the price fluctuation law of first premium and then discount.
Eight, from the operation of closed-end funds in China, no matter how the fundamental situation changes, the transaction price trend of closed-end funds in China has never deviated from the price fluctuation law of premium first and then discount.