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由于和传统的股票投资相比,基金作为专业化经理人管理的组合投资,具有能分散风险、节省时间成本的特点,因而逐渐成为个人投资者投资于股票市场的重要方式。由于个人投资者从以往直接投资于证券市场转变为主要通过购买基金间接投资于证券市场,一系列的理论和现实问题随之产生。在近年的几次股市波动中,通常会伴随着基金的巨额申购和赎回,这增加了基金管理的难度。基金投资者的大量赎回或申购行为使得基金的市场稳定功能受到了质疑,也使得基金公司及其代销机构的基金销售业务规模和销售收入出现剧烈波动,存在潜在的风险。
Compared with the traditional stock investment, the fund, as a portfolio investment managed by a professional manager, has the characteristics of diversifying risks and saving time and costs, and thus gradually becomes an important way for individual investors to invest in the stock market. As individual investors have shifted from investing directly in securities markets to investing in securities markets mainly through the purchase of funds, a series of theoretical and practical problems have arisen. In recent years, several stock market fluctuations, usually accompanied by a huge subscription fund and redemption, which increased the difficulty of fund management. The massive redemption or subscription behavior of fund investors has caused the fund’s market stability function to be questioned and also caused the potential volatility of the fund sales business and the fund sales business of fund companies and their agencies.