封转开

封转开实施对基金绩效的长期影响也已显露出来。

The influence of the implementation of Closed-to-open transition has emerged gradually .

赎回权的价值与封闭式基金折价率研究&兼论封转开方案设计

Value of Callable Rights and Closed-end Fund Discount

作者在此基础上提出了封转开的可行措施，并从政策支持角度给出了建议。

The author then raises some feasible measures and some suggestions on how to give full support from policy side .

监管机构应加强封转开实施过程的监督，并为之提供法律保障；基金管理公司应加强内部控制制度，提高基金管理人的各方面能力和综合素质；投资者应注意对投资策略的选择。

Regulators should enhance the supervision and provide legal protection . Fund management companies should strengthen their internal control system and improve the fund managers ' abilities . Investors should improve their investment abilities .

封转开是解决封闭式基金到期问题的一种方法，其是指封闭式基金转型为开放式基金，从而使基金价格回归到基金单位净值。

Open-ending of closed-end funds is one way to address the issue of expiration , which means closed-end funds is converted into open-end funds to make the market price equal the NAV ( net asset value ) .

为了消除封转开宣告对基金绩效的影响，本文样本区间选为2005年1月1日至2006年6月30日，以及2008年1月1日至2009年6月30日。

In order to eliminate the influence of the declaration of open-ending of closed-end funds on the performance , the periods we choose are from January 1 , 2005 to June 30,2006 , and January 1,2008 to June 30,2009 .