| From 1985, as the first China's offshore funds - China Orient Fund was issued, to December 31, 2008, there were 60 fund management companies which managed 473 securities investment funds, and the fund assets amounted to 1,938.068 billion Yuan (China Galaxy Securities Research Center, China Securities Journal).Variety of funds varied from the closed-end fund to open-end fund, Types of funds diversified from stock funds to the common development of stock funds, bond funds, hybrid funds, money market funds, index funds, Capital Preservation Fund, as well as LOF and ETF funds. Securities investment funds have become investment forces that can not be ignored in China's securities market. With the characteristics of experts financing, portfolio investment and risk diversification, investment fund is regarded as a low-risk, higher income new investment tool by vast number of investors, and broadens the investment channels for small and medium investors.According to the traditional point of view, the retail investors dominating structure is the main reason for China's stock market fluctuations. For institutional investors of funds are rational investors, increasing the proportion of institutional investors in the stock market will improve stability and efficiency of securities market. In the Government's assistance, China's fund industry blooms into the main force of China's securities market rapidly. Nevertheless, the stock market failed to perform a stabilizing role and led to short-term shakings in the Chinese stock market. Therefore, the dissertation will study the Herd Behavior of China's investment funds in investment, and put forward the reasons for the formation of the Herd Behavior from the perspective of behavioral finance, and provide the policies and suggestions on Herding Behavior of the China Investment Fund ultimately. |
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