| Securities investment funds have become the extremely important institution investor inthe capital market in China, and therefore, it's significant to strengthen securities investmentfunds' invest behaviors research.This paper researched securities investment funds' invest behaviors of momentum trading.At first, the writer looked back the relative theoretical and empirical papers in domestic andabroad on the momentum theory of securities investment fund. Next we compared theadvantages and disadvantages of various theories, and expanded our theoretical model on thebasis of HS Model which is suitable to China. Then we made empirical analysis on themomentum trading of securities investment funds in China.The results of the theoretical and empirical studies on securities investment fund in Chinaboth show that: Firstly, the entire funds performance like momentum traders; secondly, thefunds act as momentum traders both when they enter and buy stocks; but they act as constraintraders both when they exit and sell stocks; and when they make adjustments to ongoingholding they don't act as momentum traders neither constrain traders.In addition, the empirical analysis also shows: there is a diversity across different typefunds, the inclination of Growth Funds' momentum trading is strongest, Value Funds' is lower,and the lowest is Balanced Funds'; it's different when the situation changed for the impacts ofthe Reform of Non-tradable Shares and the stock market changes on the Fund Momentumtrading. |
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