Because closed-end funds are traded by bidding in securities trading, the transaction price is affected by the relationship between market supply and demand, which does not necessarily reflect the fund's net asset value, that is, the transaction price of closed-end funds has a premium and discount phenomenon 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. Judging 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 first premium and then discount. At present, China's closed-end funds are in the stage of "discount", and the discount rate of closed-end funds in China (net value MINUS market value and then divided by net value) has gradually increased since 2002. The long-term discount rate of some closed-end funds is as high as over 30%, which is significantly higher than that of foreign closed-end funds. According to the provisions of the Measures for the Administration of Securities Investment Funds, the income distribution of closed-end funds shall not be less than once a year, and the annual income distribution ratio of closed-end funds shall not be less than 90% of the realized income of funds. Closed-end funds generally pay dividends in cash.
In addition, in the history of fund development in western countries 100 years, closed-end funds have always been the leader, and it was not until the 1980s that they gave way to open-end funds, ranking second. Compared with the development of foreign closed-end funds, China's closed-end funds are still in the initial stage, and there should be huge room for survival and development. However, it is puzzling that the closed-end funds in China, which have gone through the initial stage, standardization and development, have stopped for more than a year. Judging from the market performance, closed-end funds fell below the issue price when they went public, and the price kept falling, and the transaction was shrinking. The original brilliant fund market has almost stagnated. In particular, the issue of closed-end funds has not been heard from for more than a year. All these seem to indicate that closed-end funds have reached the end of their tether.
A Brief History of Development In the early 1990s, the establishment of Zhuxin Fund marked the beginning of China Investment Fund (the embryonic form of closed-end fund). Later, Tianji, Lantian, Zibo and other investment funds were listed on the Shenzhen and Shanghai stock exchanges as the first batch of funds, marking the birth of China's national investment fund market. Judging from the development of closed-end funds for more than ten years, closed-end funds have gone through several stages: starting, standardizing and developing.
starting time
199 1 In July, Zhuxin Fund (formerly known as Zhuxin 1 Trust) was established, which is the earliest fund in China. Later, Wuhan Fund (Phase I) and Nanshan Fund were established one after another. (For the above development process, please refer to the article "Closed-end Fund-History and Present Situation")
1In August 1992, the "Jin Xin Fund" founded by Jinhua Trust and Investment Company was listed in the securities department of Zhejiang Jinhua Trust and Investment Company. At the same time, Shenzhen Investment Fund Management Company was established, which is the first professional fund management company established in China mainland investment fund industry. 165438+ 10 In October, Shenzhen Special Economic Zone Branch of the People's Bank of China approved Shenzhen Investment Fund Management Company to issue space-based funds with a scale of 58 1 100 million yuan. Tianji Fund was the largest fund in China at that time. Since then, many funds have been issued, including Zibo Fund.
1In June 1992, Shenzhen Special Economic Zone Branch of the People's Bank of China promulgated the Interim Provisions on the Administration of Investment Trust Funds in Shenzhen, which was the only local regulation on the supervision of investment funds at that time. 1In March 1993, Shenzhen Special Economic Zone Branch of the People's Bank of China approved Tianji Investment Fund and Blue Sky Fund to be listed on Shenzhen Stock Exchange as the first batch of funds. On August 20th of the same year, the People's Bank of China approved the listing of Zibo Fund on the Shanghai Stock Exchange, marking the birth of China's national investment fund market. Since then, several funds have been listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange, and traded with the fund markets of other securities trading centers on the Internet, and the national fund trading market has initially taken shape.
199365438+10-May, Guangdong, Shenzhen and Sichuan branches of the People's Bank of China approved the establishment of 12 fund with a scale of1800 million yuan, and the domestic fund industry entered a stage of rapid expansion. From 1992 to 1993, many investment funds were established. By the end of 1993, nearly 50 funds of various types had been established, mainly in Guangdong, Heilongjiang, Shenzhen, Shenyang, Dalian, Hainan, Jiangsu and other provinces and cities. Among them, Shenzhen's fund issuance scale is the largest, reaching 65.438+37 billion yuan. However, the rapid expansion has brought great difficulties to the unified supervision of funds.
1993On May 9, 2009/kloc-0, the People's Bank of China made a regulation to stop the irregular issuance of investment funds, in which the issuance and listing of investment funds, the establishment of investment fund management companies and the establishment of investment funds and investment fund management companies by China financial institutions abroad must be approved by the head office of the People's Bank of China, and no department shall exceed its authority. Since then, with the exception of Jinlong Fund, Baoding Fund and Jianye Fund approved by the head office of the People's Bank of China in September 1993, the establishment of various funds has not been approved for a long time (until the first half of 1998), and the issuance of domestic funds has come to a standstill.
1996 18 The Shenzhen Stock Exchange Fund Index was compiled on March 8, with the benchmark index of 1000 points, and all 10 funds directly traded or networked in the Shenzhen Stock Exchange at that time were included in the calculation. According to statistics, by the beginning of 1998, 78 investment funds of various types had been established in China, raising a total of 7.6 billion RMB, and 27 funds were listed (networked) in Shanghai and Shenzhen stock markets. During this period, there were few professional fund management companies (less than 10), and the funds were generally small in scale and operated irregularly, which was also called the "old fund" period. Norm and development period
1997165438+10/4 The Interim Measures for the Administration of Securities Investment Funds was officially promulgated. At the same time, China Securities Regulatory Commission replaced the People's Bank of China as the competent authority of fund management. Since then, China's securities investment fund industry has entered a new stage of standardized development. 1 998 Since March, a number of large funds, such as Kaiyuan Securities Investment Fund and Jintai Securities Investment Fund, have been listed one after another, which are much larger than those established by 1992 and 1993, and most of them are10 to 3 billion RMB. 1999 is a year of great development in the fund industry, with 22 funds increasing rapidly and the asset scale jumping to 48.42 billion yuan. At the same time, these funds have made great progress in standardization. According to the Interim Measures for the Administration of Securities Investment Funds, the investment scope of the funds is limited to government bonds and stocks publicly issued and listed in China according to law. 80% of the portfolios of these funds are invested in stocks and 20% in government bonds. There are also relatively strict and detailed regulations on the initiation, collection and later operation of funds. For example, holding shares of a listed company shall not exceed 65,438+00% of the fund's net asset value; The total of the securities issued by a company held by the Fund and other funds managed by the fund manager shall not exceed10% of the securities; Mutual investment between funds is prohibited; It is forbidden to mortgage, guarantee, borrow money or lend money with fund assets; Prohibit funds from engaging in securities credit transactions and so on.
1In March, 1999, the CSRC issued a notice to clean up and standardize the original investment funds, and the funds traded in various securities exchange centers were gradually delisted, and the funds listed on the exchanges were also cleaned up and standardized. After a series of fund merger and asset reorganization, all the bad assets of the old fund were replaced by stocks, government bonds or cash assets of listed companies with strong liquidity, and on this basis, the fund was expanded and renewed, and finally the historical transformation between the old and new funds was realized. For example, the current "Jingbo Securities Investment Fund" is formed by the merger of Xiang Jianxin Fund and Xiang Rural Credit Fund; Tongzhi Securities Investment Fund was reorganized from Gulf Fund, Wuhan Fund, Ganzhong Fund, Zhongsheng Fund, Xin Kai Fund and Changjiang Fund. As of September, 2002, there were 18 fund management companies in China, of which 1 fund management companies have been approved for establishment and are waiting to start business, and another 14 (excluding Sino-foreign joint venture fund management companies) are in the application stage; In China, 54 closed-end funds have been raised and listed, raising a total of 80.7 billion yuan. Since the second half of 2002, the situation of closed-end funds has gone from bad to worse.
Since September 2002, no closed-end fund has been issued in the investment fund market. The phenomenon of "stagnation" encountered by closed-end funds this time is different from that before 1998. At that time, "stagnation" was due to the need to rectify and standardize (actively), but now "stagnation" occurs in the era of great reform and development of the fund industry (passively), and various reasons are worth pondering. From several closed-end funds issued in the second half of 2002, the crisis of closed-end funds has been felt. Although these funds are nominally successful, in fact, the market has refused to pay the bill. For example, the balance of the fund Kerry is 439 million shares (Yinfeng also has 65.438+300 million shares) underwritten by the lead underwriter. Thanks to the rebound of the market, the fund was successfully issued, but due to the sudden withdrawal of Xinjiang Securities, one of the original sponsors, it was forced to postpone its listing for 40 days. The collection of small-cap restructuring funds is also quite bad. For example, the abandonment rates of Fund, Fund Tianhua, Fund Anjiu and Fund Wealth Management Xin are as high as 98.47%, 90.4%, 94.44% and 95.27% respectively. Small-cap funds that once enjoyed unlimited scenery have been abandoned by the market.