Research On The Influence On Chinese Financial System By The Development Of Security Investment Fund

The security investment fund is considered one of the most popular, vitality and prospective tools for investment in today's world. Along with the constant completion of the Chinese financial system, the security investment fund will enter a new era of rapid development too. At present, with the development of security investment fund, its impact on the national financial system has been strengthening gradually. Therefore, the further investigate in the influence effect which was brought to the financial system by the development of security investment fund is of overarching importance to a correct comprehend, evaluate and grasp of the security investment fund.On the basis of the scholar's study, this paper defined the meaning of the security investment fund and the financial system, divided the financial system into the financial market and financial intermediary. Binding to the present situation of the of our country, this paper took the financial system as the research object, adopted data at span of 1998 to 2008 for study interval, by the use of the correlation analysis, supply and demand model and other methods, the paper carried on a overall exposition for the impact on the each component of financial market and financial intermediary separately. According to the theories discussion and test results, this paper finds that, the development of the security investment fund has not only increased the capacity of the financial market, but also aggravated its liquidity and volatility, and has brought pressure and challenges to the financial intermediary too.This paper has also analyzed the impact on monetary policy of our country by the security investment fund's fast developing. After study the possible and present impact on each component which has close relations with the Chinese monetary policy, the empirical analysis result reveals, the development of the security investment fund has also strengthen the endogenous of the money supply, increased the instability of the monetary demand, enriched the conduction mechanism of the monetary policy, slowdown the pace of the monetary velocity, as a result, weaken the effect of the monetary policy of our country.In the end, combined the concrete influence explained above, this paper put forward some corresponding countermeasure and suggestion for the financial market, financial intermediary, fund management companies and the government monitoring department, and hope to be helpful for the research in our country.