Sunshine Private Equity Investment Behavior And Regulatory Empirical Research

Under the background of developing institutional investors in our country which thefinancial regulators put forward to, Sunshine Private Offering Fund (SPOF) developvigorously and get a higher position in the capital market. As a new thing, SPOF′sinvestment behavior should be urgently standarded, regulatory level needs to be improved,Study on the investment behavior and supervision of SPOF has great significance for thedevelopment of securities market in China.Based on the theory of behavioral finance, first of all, the paper gives a summary ofprivate fund and then definities the connotation and characteristic of SPOF, secondly, Takethe securities investment trust products as an example, In the foundation of analysising thepresent situation of trust industry, from the angle of investment behavior, the paper useschart analysis, comparison and empirical analysis methods to conclude that the trustcompanies′investment behavior, that is Shareholding industry concentration is higher,lower turnover ratio, some window decoration effect, shareholding proportion and stockmarkets shows a weak negative correlation, thirdly, after get the conclusion of thecharacteristics of the trust companies′investment behavior, the paper analysis the presentsituation of SPOF′s supervision, then analysis the supervision issues of SPOF, find thereasons why exsist multiple regulatory? Why the supervision is in chaos and thesupervision is in low efficiency? The paper use the Supervision Game Model to analysisthe SPOF′s supervision, Finally, on the base of the SPOF′s investment behavior, thesupervision of SPOF and the conclusion of the Supervision Game Model, The paper putsforward to the measures to improve the efficiency of supervision, that is Unifiedsupervision system of SPOF, Perfect the supervision of the contents and measures of SPOF,The combination of internal and external regulatory strategy of SPOF.