| In modern financial market, investment funds have developed the one of the big financial industries, together with bank, stock and insurance. In 2000, the United States mutual fund property amount came to US$ 7.269 trillion, not only exceeding the published face value amount of national debt, stock, corporate debenture etc., but also exceeding the total amount of the commercial bank savings and lendings. In a word, the fund is the current that world finance development. The standard investment fund of China established in 1998, now it has developed to a scale: Close May of 2002, the number of fund already amount 56, among them closed-end fund's number is 51, the opened-end fund's number is 5, the issuance value of fund comes to 800 million Yuan, the net asset value amount 904 million Yuan, occupying the stock market capitalization 6.61%.But the development of securities investment fund still placed in an emerging stage. More importantly, the investing performance of the investment fund is not good, as a result, it ties up the larger development. At the same time, stock market is changeable, requesting fund to contain good anti-risk abilities. Therefore, the investment strategy application relates to the development of the fund. This article researches the aspects of stock investing strategy of fund, because: ①stock is the primary investment tool for the fund in the world, to study it with the widespread meaning; ②the risk of stock is the biggest among the investment objects, to study it we can enlighten our country fund in the aspects of risk evading; ③the stock investment is also a source to fund which obtains the income, as a result by studying it we can understand the investment level of the our country fund. Only studying and investigating fund, the government can then put in practice the supervising policycorrespondingly; on the other hand, the fund can also make use of the measures to avoid the risk and obtain the larger income. More investors and whole market can benefit from purchasing fund, which results in the steady development of the fund industry.Textual research way of thinking surrounds the empirical research on the fund's stock investment strategy. In the theories part, it introduced a few typical stock investment theories, and discusses the choices and applications of them under the condition of our country emphatically. It includes the operation of trading stocks and the characteristics of the stocks held by fund in the demonstration part. In the final part, the article summarizes the conclusions, with putting forward the suggestions to the supervisors and managers of the funds. The main contents of each part as follows:Chapter 1, the background and significance of studying the fund's stock investment in China. In short, the investment fund development in our country experienced successive germination, starting, norm and development. This chapter dissertates the characteristics of the four periods, furthermore, it points out that our country fund is placing in an ages filled with opportunities and challenges currently. It points out the necessity to study the investment stock of fund. This section prepares for the following research.Chapter 2, the academic research of the fund's stock investment strategy. The securities investment theories is the base to invest stock, this chapter introduces the essential contents of the modern securities investment theories, including the Markowitz portfolio theory, CAPM, efficient market hypothesis, and behavioral finance. Secondly, it discusses the application of these investment theories, under the condition of the stock market in our country. We draw a conclusion that the diversification strategy applies straitly, and CAPM isn't applicable in our country. Our stock market approaches the weak-form efficiency, as a result, we can'tapply the positive or negative investment strategy purely. Finally, this part talks about the procedures and principles of establishing portfolio, involving the restricted investment policies to f... |
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