对封闭式基金来说 ,它的价值具有不同于一般资产的双重认定机制 ,这就造成基金的价格与净值往往不一致 ,形成封闭式基金的贴水现象 ,本文对中国证券市场封闭式基金出现的贴水问题进行了较为深入的理论分析 ,提出了造成我国封闭式基金贴水问题的若干理论解释。最后我们又对提出的理论解释建立了检验模型 ,对提出的论点进行了实证分析。 For a closed-end fund, its value has a double recognition mechanism different from ordinary assets, which often results in inconsistencies in the price of the fund and the net value of the closed-end fund, resulting in the phenomenon of discounting the closed-end fund. A more in-depth theoretical analysis of the issue of premium subsidies, put forward a number of theoretical explanations of the issue of creating affluent closed-end funds in China. Finally, we establish a test model for the proposed theory and make an empirical analysis of the arguments put forward.