Company Srudy On Inveatment Behaviors Or QFⅡ And Domestic Fund In China

November5,2002，China“squalified foreign institutional investorsin securities investment management Interim Measures” waspromulgated；Then in the afternoon of October28,2003，the fifthmeeting of the Tenth NPC Standing Committee voted for the“Securities Investment Fund Law”。The introduction of the two lawsprovide the policy support to the development of Chinas institutionalinvestors； QFII and securities investment funds get the rapiddevelopment after2003,with the development of Chinas securitiesmarket and institutional investors，as the mainstay of our country?ssecurities?s markets,QFII and Chinas securities investment funds play anextremely important role。their investment behavior are concernedby the government、 individuals and other investors and play animportant role in the process of the development of Chinas securitiesmarket。With the rapid development of QFII and Chinas securitiesinvestment funds，Chinas securities market is ups and downs all thetime，the first rise in2007and the first global decline in2008，reboundingby national support policy， staging roller coaster in2010，and in2011the stock market is head to make many investors not bear to see，evenmake ruthless determination of no longer involving in the securitiesmarket。 In the background of Institutional investors becomingprotagonists in Chinas securities market， our securities marketdevelopment should be able to stay steady progress with escorting ofthe government，but the results are eye-popping，Then as the maininvestors，QFII and securities investment funds behaviours play a vitalrole on the rise and fall of the market。It explores the above issues andthe differences in their behaviors，and give reasons to explain the differences。Based on the paper QFII and Chinas securities investment fundsin Chinas stage of development, investment products, size, significance,characteristics are compared，overall domestic securities investmentfunds are far greater than QFII in the size and number；securitiesinvestment funds get a broader range of species in product varieties；but in recent years，QFII get gradually liberalizing, investment productsgradually catch up on the scope of domestic funds; but the time ofinvestment in Chinas stock market，QFII and domestic fund with moredifferences；the significance in the development and characteristicsare similar。The main part of the article analysis QFII and domesticssecurities investment funds?s behavior from the asset allocation，industry concentration, industry preferences, stock concentration, stockselection preferences, holding time and investment philosophy，the roleof monetary policy。Through analysis and comparison，we find that QFIIis more extreme from the asset allocation，because the amount ofstock accounted for almost all of its assets，and the investment style isrelatively simple, the world economy and Chinas economictransformation, the variety of configuration changes are very small；thedomestic fund will change positions between stocks、bonds、fundsin the economic cycle，Besides，they will choose some of Chinastraditional industries, and make some trades change based onmacroeconomic；The difference is that Chinas securities investmentfund has always been regarded finance and insurance varieties as themain industry，but QFII will configure to increase the of asset andinsurance when the crisis occurred；in the Choice of stock，QFII anddomestic securities investment fund select “value” type of dish orlarge-cap stocks， requiring companies with good profitability and growth, and a stable cash flow；in order to avoid the risk of high prices，all of them will choose the low-cost or low-cost stock；when it refers tothe investment philosophy，on one hand，QFII stick to their valueinvestment philosophy，on the other hand，QFII select the "value" typestocks to-band showing good adaptability;but Chinas securitiesinvestment fund will select the "value" stocks to band。QFII and Chinassecurities investment funds are more sensitive to monetary policy，andpositions are more influenced by monetary policy。Finally，the paper summarize the above，give some relevantrecommendations and presents a thesis and subsequent lack of vision。...