| As an important component in the financial industry of the world, securities investment funds have become the most important subjects of investment in China's securities market. Its development also has an important influence on China's secrurities market and its investment behavior also has an increasingly great impact on the stock market. At the same time, with the recent development of China's securities market, the investment enthusiasm of indiviual investors on securities investment funds continue to rise, making individual investors become a major investment force in securities investment fund market. The investment behavior of securities investment funds has got attention from many individual investors and various regulatory governments. Therefore, studying on the investment behavior of securities investment fund can make a great difference.This paper reviews literatures related to the investment behavior of secrurities investment funds and introduces some theories about finance. Then this paper gives an overall description of qualitative and quantitative analysis about the characteristics of the investment behavior of securities investment funds. Further this paper, securities investment funds in China held Awkwardness quarterly data, the first in China Securities Investment Fund Investment behavior of a mature test, and empirical analysis of investment behavior in China Securities Investment Fund of factors. China to further focus on testing whether the securities investment funds there are two irrational investment behavior, the behavior of herd behavior and window decorations. Finally, according to the foregoing analysis, the financial regulatory agencies for our help to improve the effect of the securities investment fund supervision and policy recommendations.Firstly, based on previous studies and the China investment fund's historical data, this paper found that investment behavior of the securities investment fund has the following characteristics:there is a strong correlation between the level of the fund's positions and the market trend; the fund management company has a high level of concentration; the relation between market movements and fund holdings concentration is not obvious; the fund's industry concentration is high and associated with market trends, fund choice of investment objects with convergence.This paper furtherly studies securities investment funds of the range of the theory of risk according to the investment theory and a combination of different investment styles and investment strategies securities. By comparing the theoretical risk and actual risk, this paper empirically studies the norm of investment behavior of funds. By comparing the risk and return matches on China's securities investment funds for the maturity of the investment behavior of the empirical analysis. The results show that, as China's securities market development and standardization of further improvement, the investment securities investment funds received a code of conduct is also steadily improved. However, as the stock bull market of the 2007 ended and the bear market began in China, during 2007-2009 the maturity of securities investment funds showing a downward trend.Examining the impact factors of investment behavior of securities investment funds in China, this paper uses factor analysis to extract the assets, profitability, size, liquidity, earnings volatility, market performance, valuations, company fundamentals and cash position of the other eight factors, and to its investment in the securities investment fund behavior were analyzed. The results showed that investment behavior of securities investment funds listed on the company's assets by the ability to scale, market performance, valuations, company fundamentals, cash position and earnings volatility significantly affect, the Fund holding gains preference ability, the larger, better market performance, higher valuations, company fundamentals and good cash position of stock holding gains and avoid volatile stocks, but the solvency of listed companies is not very concerned about.Furthter this paper uses LSV model and its amendment model examines the existence of the securities'irrational investment behavior, such as investment fund herding and window decorations behavior, with the fund data from 1st Quarter in 2003 to 4th quarter in 2009. The empirical test results show that for overall, China's securities investment funds herd behavior more obvious, but the number of funds involved in home run, a growing number of investment funds traded on a stock with, herd behavior index decreased, indicating that China is to develop the securities investment funds. The study also found the existence of closed-end fund holdings Stocks effects are possible, and open-end fund does not exist Stocks significant effect, further research found that both open-end fund or closed-end fund, the fund choose to hold the Awkwardness active stock in the transaction were not acts of Stocks and 5% confidence level significantly, and Stocks on the quarter, there are also differences in effect, fund the first quarter of calendar Stocks significant effect.Finally, based on our findings, secruities investment funds of China in the stock selection basically adhere to the philosophy of value investing, but there is still a degree of irrational investment behavior, which is in a good transformation way. Then, this study gives some implication for government oversight, self-governance of listed companies, fund management inspiration in order to facilitate sound development of securities investment funds.
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