A Study On The Behavior Of China's Securities Investment Funds In The Functional Perspective

The Securities Market of China is a rising and reorientational market, over a long time, the government has insisted on the concept of uncovention development of institutional investors, and as a policy measure, cultivating and forging institutional investors is very important for the development of China's securities market. Therefore, with the situation that modern framework for the securities market and financial system structure is becoming more and more perfect, the growing of Securities Investment Funds plays prime roles in promoting the adjustment of China's financial structure, improving the market investors, raising the efficiency of resource use, encouraging the savings change into investment, and driving the market expand and mature., and so on.However, the behavior of securities investment funds which had been given the great expections is alienated, even reported series of "Inside Story of the Funds", the fluctuating of stock has been intensified and the Shanghai and Shenzhen Stock Markets have soared by a large margin because of the "Herd Behavior" and investment strategy in some degree. Obviously, it has existed a profoundly contradiction between the stock market bubble which was made by the logic of securities investment funds behavior and the standardization of China's securities market, also and the nature demand of the development of market. Besides, in recent years, the majority of the securities investment funds lack the stimulus to participate the corporate governance, and basically do not intervene in the company's management, when the situation of stock market is unfavourable, "voting on foot" is usually being taken as trading strategy, instead of holding the stock long-term, participating the incorporate governance, improving the performance of listed companies in order to get the profit, they often sold the shares of the hand. Comparing with the countries which moves mature market economy, the securities investment funds not only has been the backbone of the development of the securities market stability, but also has great influence in the corporate governance. On this account, contrasting with the developed countries, the writer made a detailed and in-depth study on the behavior of China's Securities Investment Funds in the functional perspective.The article discusses the function of the securities investment funds in the angle of theory, discourses the development of China's securities investment funds, and the problems that existed in the process of the function that securities investment funds plays role in. Then conducts empirical analysis and case studies at the stage of China's securities investment funds, and gets some relevant conclusions from it, afterwards, according to the problem found in the analysis ,we point out the system obstacles that prevent the function of the China's securities investment funds from full play.