封耀童

Abstract： With the rapid development of China's securities market， open-end funds have become the new force of China's investment fund industry， this unique return mechanism， so that open-end funds in the absence of closed-end funds， more effective protection of the interests of fund holders， has become the inevitable choice of China's investment fund industry. At the same time， combined with the current situation and development of China's open-ended securities investment funds and the inherent risks， learn from the experience of developed investment funds in Europe and the United States， china's open-ended securities investment fund investment development discussion.

Keywords： open-ended securities investment， fund investment， style issues

1.The necessity of developing open-end funds in China

In terms of the scope of the world economy， open-end funds have become an important part of domestic fund investment and account for an absolute proportion. However， the current situation in the domestic securities market is the opposite - closed-end funds are the main force， and open-end funds are just beginning. The types of funds and the securities markets of all countries in the world are quite different， which seriously hinders the pace of foreign investment into China's investment fund industry， and is not conducive to China's investment fund industry to participate in the international financial market. Therefore， the development of China's open-end funds can not only promote the internationalization of China's investment funds. At the same time， it will also strengthen foreign investors' understanding of the domestic securities market， promote the integration of China's securities market with the international market， and fully affirm China's open-end funds.

2.China's open-ended securities investment fund investment style

China's open-ended securities investment fund investment there is no fund management agency problem， domestic fund investment is mainly founded by banks， trusts and investment companies， and as a branch to ensure the bank's foundation or group operation. In the process， the security and utility of funds cannot be guaranteed without a scientific monitoring and decision-making mechanism. At the same time， there is also a lack of scientific and efficient portfolio， no ability to guard against adverse risks， the general investment field of larger "old funds"， low return ratio （average 30%）.

3.Open-end fund three China's fund investment is the inevitable choice

For large， medium and long-term investors， open-end funds are not an ideal choice because of their high investment costs， requiring the long-term stability and liquidity of individual or institutional investors. As a result， securities funds and large and medium-sized individual investors tend to prefer open-end funds.

（北京工商大學(xué)附屬嘉華學(xué)院 北京 101118）