中文摘要：

本文选取1998~2002年内发行的54只传统型封闭式基金,2007~2013年内发行的57只创新型封闭式基金,从流动性角度出发,分别对两者的折价问题进行实证分析。研究结果显示：流动性角度能够较好地解释传统型封闭式基金折价交易现象,封闭式基金中机构投资者占比份额、持有人户数、基金成交量、分红比率影响了流动性。创新型封闭式基金在观测期间并没有出现长期大幅度折价交易现象,可能是因为基金救生艇机制的限制效果大于流动性的改善程度,从而导致创新型封闭式基金价格偏离现象无法由流动性角度来进行解释。

英文摘要：

This article selects 54 traditional closed-end funds issued from 1998 to 2002, and 57 innovative closed-end funds issued from 2007 to 2013, which started on the perspective of liquidity, focus on the empirical analysis of the difference of discount. The research shows that： the liquidity perspective can explain the traditional closed-end fund discount phenomenon, closed end fund institutional investors accounted for the shareholders, households, fund turnover, dividend rate to affect liquidity probably. Due to the degree of improvement effect of the lifeboat fund limit mechanism is greater than the liquidity, Innovative closed-end funds in the observation period and there has not long-term substantial discount phenomenon, resulting in innovative closed-end fund prices deviate from the phenomenon can not be conducted by liquidity perspective.