Positive Study On Investment Tactic Of Securities Investment Funds In China

In October 1991,10 million Yuan valued securities investment funds was issued successfully, it's the first securities investment funds in China. To the end of December 2002, there are 15 standardized funds management corporations in China, they manage 54 contractual type close-end securities investment funds and 19 open-end funds. The assets size of securities investment funds in China reaches almost 100 billion Yuan, correspond to about 10% of the circulating market price of Shanghai and Shenzhen stock markets. This course has taken several decades in developed countries. With the fast development of capital market and funds industry, there are many new complexion and new problems. At present, the main problems restrict the development of funds industry in China are the operation of funds is irrational, the inter management structure of fund management corporations is not healthy. Therefore, this thesis tries to analysis the problems out of criterion in the investing practice of investment tactic of securities investment funds in China with positive study methods, find the deep cause and give policy advices to rationalize the investment tactic of securities investment funds in China. This thesis has five parts, the main parts are the fourth and fifth parts. The fourth part is positive analysis of investment tactic of investment funds, the fifth part is conclusions and advices, and the three parts before is introduction of background and matting of theories. In detail, part I expatiates the meaning of securities investment funds, compare to other individual investor and institutional investor, securities investment funds has its own characters, such as big capital scale, wide source, manifold raise ways, professional management, low risk. But irrational operation of funds, unhealthy inter management structure of funds management corporation will weaken its advantages. This also expatiate the development status and tendency of securities investment funds in developed countries and the condition of development of securities investment funds in China.Part II introduces the background knowledge of investment tactic of securities investment funds, generally, funds manager managing funds capital need set down the operation process of investment management. The operation process includes confirming the aim or style of investment, the investment tactic, information management, capital configuration, securities choice and analysis of performance. Investment tactic is according to the change of securities market, funds manager setdown the investment policy, investment principle and investment tactic on the base of modern securities investment theory and investment combination theory etc. Investment tactic is the core of funds investment management, it exists in all the parts of funds investment management, and it unite all these parts closely. There are many ways to classify investment tactic, this thesis introduces three ways frequently used. The most classic one classified investment tactic as positive management tactic, negative management tactic and blend management tactic. According to the investment management process, investment tactic is classified as capital configuration tactic, stock investment tactic, fixed income tactic. The third one is "form top to bottom" or "from bottom to top" investment tactic. This part mainly introduce capital configuration tactic, stock investment tactic. Capital configuration tactic is classified as positive investment tactic, negative investment tactic and blend management tactic.Part III expatiates the theories and methods of setting down investment tactic, including capital market efficiency theory, equilibrium methods and in-equilibrium methods forecasting revenue, methods evaluating performance of funds. In the capital market efficiency theory, this thesis introduces efficient market theory and its form, the meaning of efficient market theory to setting down investment tactic. The efficient market theory has three forms, weak efficient market, half strong e...