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Abstract Domestic related literature only explore the impact of open-end fund performance on net redemption,and not further study its impact on redemption, purchase. This paper test the impact of Fund performance on purchase,redemption and net redemption with dynamic panel method. Empirical result show that the purchase of China’s open-end Fund is positively correlated with past performance, and spot performance,while Fund redemption and net redemption is positively correlated with Fund performance, thus the Performance-Flow-Relationships of China’s open-Fund are distinctly different from that of developed countries:“abnormal purchase”,“abnormal redemption”,and “abnormal net redemption”resulted from them. we also find that stock market return ,dividend and other factors have also important impact on fund investors’ purchase and redemption.
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Received: 16 January 2009
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Corresponding Authors:
FENG Jin-yu
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2009, Vol. 1 
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