The Impact Analysis Of The Funds Effect To The Stock Market

In 2005,in response to the introduction of foreign capital, vigorously development positive all kinds of investors and active domestic capital market in China securities investment funds realize the scale and pay double harvest, the fund functions, so big to be reckoned the great-leap-forward development also make fund becomes present capital structure of the key component. But the industry in 2004 fund investors exposure, shady decision-making doubt, suspicion even deny funds stable market function. So decomposition to fund investment behavior,convenient knowledge of the fund roles and functional meaning and rational market positioning become a problem which needs to be settled.For the fund investment behavior firstly we break the whole paper into buying and holding fund two aspects, separately inspected positive and negative effects of fund behavior of dual may bring. The first investigation is between the changement of the domestic market and the funds share ratio of the change of ownership of the whole, and concludes that the fund is the effect of price of the same direction, its stable function is not obvious. Secondly in view of trading strategy and market hypothesis, The author measure the stock of effective when buying behavior of the flock of index by statistical methods quantitative calculation in sample period, we know herding behavior of the the funds is in very remarkable degree, buying and selling style is singleness, plus the single possible existence of positive feedback trading while making market failure. Then the author use a panel model to test stock price factors influence dynamicly, found in details, percentage and stock level of share price volatility equity, the fund is coefficient for into the stock market does not reduce friction and price impact; market Another the fund investment stock selection has industry preference shares, being high concentration and significant risk consciousness weak, these all make up a block capital flow, going against the investment system and financial institutions so that becomeing the potential risks of long-term development.In short, investment funds do not overcome many unfavorable factors and break the routine, even though it is break away from the initial stage, it also has a big gap with the stage of ripeness,which has the true stability to the fund stock market and the long term rational investment.So at last in order to the healthy development of duties of fund and also the future,we work at inner analysis in depth from fund unhealthy phenomenon, and puts forward many suggestions for it.