The Studies On China Negotiable Securities Investment Funds' Behavior Between 2001 To 2006

How to take a effective strategy on stock market is a very problem in academicand business fields. The familiar ways often comes from macroeconomic research totrade research, also with deep into the analysis of enterprise's values. People oftenbuild their portfolio basis on the long term movement trends of the stock market, andneglect the short trends as the fluctuate of the statistic.The traditional financial theory concerns to get best profits under a certain risk,or to minimizes risks on assured profits. So the securities portfolio managementtheory to build up the portfolio depend on statistical calculate according to introducethe measurement of the risk. But the stock'sβvalue fluctuates all the time. So thehypothesis that the history will re-act does not come true. And it will do weightyaffect on the choice of the strategy.From December 1990, When Shanghai Stock Exchange founded. The Chinesecapital market grows up, and become an impartment pat of our economics. With thedevelopment of the capital market, the studies are gradually deepens. But we oftenlocalization on the particularity of the Chinese capital market, and come to an wrongway which strengthen the precondition while weaken the study of the normal trues.From observing the real world, we study the behavior of the NegotiableSecurities Investment Funds which is the leading institution in Chinese stock markets.With study of the annual report, we try to find the essence of the normal rules of thestock market. We use behavior financial to analyses the institution's behavior in orderto find the real motivation which under the faith of value investment.