Study On The Activities Of Securities Investment Fund During The Period Of Market Adjustment

In recent years, the securities investment fund, as an independent institutional investor, has attracted more and more attention from both the supervisal department and market investors. Scholars home and abroad have made continuous studies on the investment fund since a long time ago, with a focus on the investment strategies and achievements. Since the establishment of the securities market at the early 1990s in China, efforts have been made for its development. Particularly from the year 2001 onwards, the environmental factors have gone through great changes, such as the development tendency of the securities market, and the attitude of supervisal department towards its development. In such an environment, the securities investment fund has gained great development. Therefore, it is worth our study on its investment conception, behavior, and achievements. The dissertation has made researches in the following aspects.First the background and former researches are analyzed, and then some financial theories which have close connection with the investment fund behavior are introduced, including market efficiency theory, conclusions about securities market efficiency of China made by scholars home and abroad, the four common misconceptions of investors, and the different investment strategies the misconceptions bring about - the famous "selecting beauties" theory of Keynes .Three aspects of the securities investment fund in the market adjustment period of China have been studies with widely-recognized methods: herd behavior, investment strategies, and fund achievements. The research shows that in the market adjustment period of China, there obviously exists herd behavior in the securities investment fund; it is likely to adopt the strategy of "buying with high prices" and "selling with high prices" on the basis of the stock anterior achievements, and adopt an strategy of "buying after the rise" and "sailing after the down" on the basis of the stock current achievements. The extent of "buying after the rise" and "sailing after the down" of the open fund is comparatively weak. With such an investment strategy, 80% of the investment funds, especially the open funds, have better achievements than the market portfolio. Therefore, it can be concluded that since the "irrational" strategies the investment funds adopt have led to better achievements, they are actually "rational" choice.In the end, the dissertation sums up and analyzes the investment behavior of the fund in the adjustment period from three aspects, i.e. public offering institution, circulation institution and behavioral finance.The creativity of the dissertation can be approached from the following three aspects:First, the conceptions' are original. The former studies usually start from the viewpoint of traditional finance or behavioral finance with the focus on the influence of investment mentality exerted on the investment strategies, while this dissertation combines the investment behavior,strategies and achievements, and analyzed the influence of investment behavior exerted on investment achievements.Second, the dissertation has adopted improved research methods. In the momentum model used by former researches on the fund investment strategies, the average index of several operations to the same stock will reduce the extent of the index fluctuation, which will in turn lead to distorted statistical results. This dissertation has improved the research method, in which the indexes have been added rather than averaged, and with which, the investment strategies of the investment fund have been fully analyzed.Third, the samples chosen in this dissertation are new. Both open funds and close funds are used concurrently. Horizontal comparison has been made on the investment behavior and achievements between the open funds and close funds, which has seldom been approached in the former researches.