Investment Behavior Of The Liquidity Black Hole

Global financial integration and liberalization of the context of the international financial intertwined penetration at the same time, facing liquidity risk is also increased, under the premise of the financial crisis breaking out, the financial markets has been a huge threat. Mobility disappear in the short term volatility of the financial market, became the focus of attention of financial experts and government decision-making body. Throughout the previous financial crisis, mostly due to the imbalance of liquidity caused by financial investors can’t carry out normal asset transactions. Therefore, the establishment of a stable and efficient financial market, will greatly enhance investor confidence in the market, and this is also an important prerequisite for the financial system to be healthy and orderly development.Therefore, this paper first combination of academics existing theoretical assumptions and theoretical models to analyze the phenomenon of China’s financial market liquidity disappears, theoretical exploration of the status of the liquidity black hole in the existing research to find appropriate practical explain the method to test the anomalies in the financial crisis, China’s securities market liquidity black holes to be tested to confirm the main features before and after the outbreak of the liquidity black hole.In the study of the status of China’s stock market mobility, the liquidity black hole as a positive causal relationship of the normal trading circumstances, the rate of return of the market price and investors buy and sell orders. Therefore, based on positive feedback trading, the stock to test the relationship between the yield and at the same time the number of investors, the buyer orders and seller orders, to judge by the difference between the transaction price at a fixed interval trends affect the liquidity black hole the main factor.In order to analysis the internal mechanism of the market liquidity black hole, this paper study under the LOF fund market environment, investors’trading behavior and optimal asset allocation strategy, by adding liquidity black hole hypothetical extreme market environment, further research into extreme transactions between investment behavior in the environment, and digging deeper cause liquidity black hole. Finally, the conclusion of this study is to improve the country’s financial market environment, enhance financial market stability, ease the main recommendations and measures of the liquidity black hole.