| The Chinese stock market appears partly bull market in the spring of 2003.Only not more than 30 percent stocks went up, while some of others didn't go up, some fell down. The securities funds are the most important share-holders of the stocks which went up. The volume and ratio of stocks which the funds held have influenced Chinese stock market. The investment ideas of funds and their investment strategies had played an important role in our stock market. So there is important meaning in studying the funds' investment strategies on stock markets.In chapter one I simply introduce the development and present situation of Chinese stock investment funds. The funds cam into being several years ago in China and developed very quickly with the the development of stock markets, especially the government gave good policy. In November 1997,our state department published In March 1998,funds Jintai and Kaiyuan were set up. From then on, the securities funds developed very fast. In 1998,the beginning period of the funds, there were only five funds and their net value were 10.74 billion yuan, but the net value had reached 240 billion yuan in the end of spring ,2004. In the meanwhile, the sorts of fund innovation increased. On one hand ,the open-fund developed faster than closed funds and became the most important style. On the other hand, the difference of different funds is becoming more and moreapparent. And now the funds have formed a series of products. Their investment strategies have influenced the stock markets deeper and deeper.There is a process for Chinese securities funds developing their investment strategies and the strategies are based on investment ideas. And there are some cognition and market conditions for the formation of funds' investment ideas. The chapter two analyzed the cognition and market conditions on which the funds' investment ideas and strategies developed. The investors of stock market are common people. They owe intellect and emotions. So under some instances, the emotions could influence the investors behaviors so that they behave unreasonably. At the same time, because of information-asymmetry, the stock market would lose its efficiency or has low efficiency. And the funds managers can use different strategies by taking advantages of the market's low efficiency.The main content of chapter three studies the concrete investment strategies which based on the markets. If the market has no or low efficiency, the funds managers can employ the low efficiency and use enhanced investment strategies. On the contrary, the funds managers can use the passive investment strategies if the market is efficiency.The Chinese funds managers have to consider the market's circumstance because the domestic stock market is in a special period of developing and transferring. The stock market have not reachedsemi-strong form efficiency, as if it reaches weak form efficiency, different scholars draw different conclusions. And this phenomenon indicates that the domestic market at least has low efficiency. Therefore the funds managers often can use enhanced strategies. According to market circumstance and different policy, funds managers use different strategies. This is the main content of chapter four.In this chapter I also analyzed the funds performances under different investment strategies. Because there is too much data, so I just studied two periods, one is for closed funds, the other is for open funds. I also analyzed the funds' influence on the markets. At the same time, I give a forecast of funds investment strategies in the near future. |
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