Open-end Funds Holding The Empirical Research On The Impact Of The Stock Market

The stock market is important in the whole economical system.Its development is concerned with the national economy.With the development of Chinese security market, the mutual fund,represented the institutional investor,is becoming more and more important.And recently,the Open-ended Mutual Fund(OEMF) has developed into one of the most important investment ways.Although the OEMF develops only few years, they have a lot of capital,and their behavior of the investment action will definitely influence the market.The article mainly researches the holding characteristic of different kinds of OEMF,and the influence on the stock market made by their investment.It has important realistic meanings for us to research the OEMF and develop the institutional investor.This article does not research the "herd behavior" and the "Feedback effects" in micro,but analyze the what the total investment of the OEMF influence the stock market in macro.The thesis demonstrates the phenomena of cross-possessed stock in the OEMF industry of our country,and there is not many differences between different kinds of OEMF.Moreover,according to the empirical analysis,the OEMF aggravates the fluctuation instead of stabilizing the stock market like common understanding.They do depress a part of risk during the market is falling,but in the bull market,they may aggravates the fluctuation.