Open-ended fund since its launch in 2001, with the size of the Fund continues to expand, the direct and indirect impact of the open-ended fund investment behavior to the securities markets is increasing.Open-ended fund has now become the most important institute investors in the stock market. Open-ended fund had a beneficial impact in enriching investment tools and funds in stock market, but its increased price volatility of the stock market and the negative effect of herd behavior research has been controversial. In this paper,we choose LSV model to complish the empirical test of the existence of Herd Behavior in China's open-ended fund market, empirical test results show that China's open-ended fund, there indeed exists herd behavior. Then, in accordance with the size of stock, stages of market, quarters conduct tests on herd behavaior,after that, compared test results of empirical research with international studys to understand China's open-end fund market situation of herd behavior more clearly.In addition, the paper also sought to explain progress of open-ended funds herd behavior under the influence of different factors, find out how the strength of herd behavior changes, and whether there is a certain law which lead the change. Based on this view,give an explanation of how the open-ended funds herd behavior influnce the stock market price, and proposed some proposals to reduce the open-ended fund herd behavior. |