The Demonstration Of Investment Manner Of Securities Investment Fund And Its Effect On Individual Investor

The development of securities investment fund started just a few years ago in China, while the research on it is relatively more. Now the research is mainly classified into two parts: one part, also the main research direction, is focused on the performance evaluation of securities investment fund, and the other is on the research on securities investment behavior. In the early period of fund development, the investment behavior of close fund in China is still featured by serious speculation and manipulation of market. However, since the paper The Inside Story of Fund-was published on the magazine Finance in 2000, the management of fund has been strengthened by supervisory organs, and the preferential policy for fund has been cancelled step by step. As a result, the investment behavior of fund has been changed from the past one of a large proportion of people actively holding shares of few listed companies to the value-type one of laying stress on dispersion of risk.In this paper, the emphasis is laid on the research on the investment manner of securities investment fund. In the different securities business environment between 2001 and 2002, according to the data related to the hold shares in the quarterly report of securities investment fund, the regression analysis is made under the condition of different share-holding properties and alteration of inner managerial personnel in fund company, thus verifying the change of theshare-holding behavior securities investment fund in the securities business adjustment period. On this base, the effect level of the alteration on individual investor is discussed. Finally, some suggestions for normalizing and developing securities investment fund are given on the basis of the conclusion of this paper.