| As one of the biggest institutional investors, each operation by National Social Security Fund (NSSF) is noticed by almost all sides of capital market. Because of outstanding investment performance, huge asset and low risk-bearing capability, the investment of NSSF is always considered as market investment vane.This thesis did the research of the influence on the capital market of buying and selling stocks by NSSF and the influence period by using statistical rule and t-test method aiming to validate whether NSSF has the function of investment vane and at the same time give some investment suggestions to other investors. Because NSSF has characteristics of conservative, long-term and value-oriented investment style, it will help to stabilize the capital market and lead the market to change from speculation to real investment if can correctly guide investors.It takes the initiative of topic in this thesis and also it has given a new way to solve such problems by using statistical rule method.The result indicates that buying stock by NSSF does have the effect of market investment vane, i.e., it will attract other investors to follow. It mostly happens in the 4th season and 7th season after their buying operation. This shows that the buying operation has mid-long term effect on the market. Besides, the operation of buying more proportional unlimited shares has more influence on the market.The operation of selling stock by NSSF has little influence and it has short term effect of just one season after selling operation, i.e., the stock sold by NSSF falls relatively to stock index after one season of selling operation by NSSF.Furthermore, the influence on the capital market of selling operation by SSF has no difference in bull and bear market and so does buying operation in the bull market. But the buying operation has the characteristic that it has most influence on the market after 4th season of buying operation in the bear market. |
PDF Full Text Request