A Research On The Influence Of QFII Investment Behavior In China Mainland Securities Market

QFII is the step to open up capital markets in an orderly and gradual fashion.Adopting QFII measure in our stock market is a strategic option to push forward the opening-up of the national capital market to the outside world,eventually integrate itself into the international capital market.Along with the QFII scale unceasing expansion,the QFII investment behavior day by day is also prominent to our country stock market influence.But,at present the domestic academic circles has not formed the unification bright conclusion to this aspect research.The paper trys to analyse the domestic securities market influenced by QFII investment behavior in three aspects.Firstly,it analysed the Herd Behavior of QFII after China mainland opened up the security market.Secondly,it used the model of ARCH/GARCH to analyze the domestic securities market volatility influenced by QFII.Lastly,it compared the company administration extent of QFII before and after the equity division reform.The dissertation will consist of five parts.Chapter 1 introduces the development and investment characters of QFII.In chapter 2,we introduce the theoretical basis of QFII, meanwhile analyse the theory on the influence of institutional investors' behaviors on securities market.Chapter 3 carrys on positive analyses about the domestic security market volatility influenced by QFII.Chapter 4 analyses the reasons and problems why QFII didn't play a role according to the positive results.At last,chapter 5 makes rational suggestions on how to enhance QFII stability function for the domestic securities market.Through research and analysis,we believe that putting QFII into practice would be the requirement of the securities market.Meanwhile,it is important for stabilizing securities market, enhancing national investing concept and improving the company administration configuration that we bring up law-abiding,rational and creditable institutional investors.However,on the current situation,QFII did not achieve our desired results.As a result,this paper will present some development proposals on the current QFII status.