The Effect On Investment Behavior Of Restricted Stock Circulating

China's stocks market has entered entire circulation time after equity division status reform. And the constant circulation of restricted stocks has negative influence on investors from market expansion consideration. Whatever corporations or individuals are sensitive to the equity division status and the practical circulation behaviors, in the case has caused market imbalance. The research on the behaviors of investors contributes significantly to the stableness of the stocks market.This research firstly depicts the theoretical system of domestic and abroad studies on investors'behaviors, and summaries all the various views; secondly, studies on statistics of type of restricted stocks, time of circulation and the cost of stockholders;thirdly,analyzes the influence of the circulation of restricted stocks on condition of investors'game model, the heavy stockholders and fund behaviors respectively. Finally, through regression model involves hypothesis testing to analyze funds'investing behaviors.The results of this research describes that, from the first season of 2006 to first season of 2008, the major behavior of heavy stockholders was selling, and the trend was obvious. The stocks holding rate of funds shared the same preference, however, in a declining process, the disagreement among funds was strengthened. The preferred selling stocks of funds appeared high relation with restricted stocks and having a relative high equity, valuation price was not a crucial factor for funds'decision.The creative work in this study is: involves some sensitive factors of circulation of restricted stocks in relevant indicates'system for analyzing, describes the considerable features of investors'behaviors, and offers reference of investors'behaviors under the entire circulation background.