目录摘要........................................................................................................................2关键词....................................................................................................................2引言........................................................................................................................2一、研究背景及意义..............................................................................................2（一）研究背景..........................................................................................................2（二）研究意义..........................................................................................................3二、封闭式基金概述..............................................................................................3（一）封闭式基金概念.............................................................................................3（二）封闭式基金分类.............................................................................................3三、折价原因的研究综述......................................................................................4（一）传统金融理论解释.........................................................................................4（二）行为金融学的解释.........................................................................................5四、折价影响因素多元逐步回归分析...................................................................6谢辞........................................................................................................................8参考文献................................................................................................................8英文文献及翻译.....................................................................................................9浅析封闭式基金的折价问题摘要：封闭式基金折价交易现象是金融领域中的一个难解之迷,世界各国的经济学专家们试图从各种角度为这一奇异现象找出一个合理的解释,但至今都没有任何一种解释能够做到真正令人信服。综述了国外有关这方面的研究,阐述有效市场理论与行为金融学对于封闭式基金折价之谜的解释,描述了我国封闭式基金折价现象的现状,并在此基础上,讨论了我国封闭式基金在各种条件下可能存在的投资机会。关键词：封闭式基金；交易折价；溢价Abstract:Closed-endfunddiscountphenomenonoftradinginthefinancialsectorisaGordianfans,theworld'sattemptstoeconomicsexpertsfromavarietyofanglesforthisstrangephenomenontofindareasonableexplanation,butsofarhavenotanykindofexplanation,tobetrulyconvincing.Overviewoftheresearchinthisareaofforeignexplaintheefficientmarkettheoryandbehavioralfinancefortheclosed-endfunddiscountpuzzleexplained,describingthephenomenonofChina'sclosed-endfunddiscountstatus,andonthisbasis,todiscusstheclosed-endfundsinChinaconditionsmayexistinavarietyofinvestmentopportunities.Keyword:Closed-endfunds,Tradediscount,Premium引言封闭式基金（close-endfunds）是指在合同期限内，经核准的基金份额总额不变，基金份额持有人不能申请赎回，但可以在依法设立的证券交易所交易的基金。由于在封闭期内封闭式基金不能赎回或追加认购，基金的投资者只有在二级市场上，通过证券经纪商买卖基金。当封闭式基金在二级市场的交易价格低于其实际净值时，我们称这种情况为“折价”。有趣的是，虽然大多数封闭式基金都会以低于基金净值的价格折价出售，但它的发行价格却通常高于基金净值水平。这就是封闭式基金的折价之谜，投资者明...
