The Research Of Securities Investment Fund's Influence On The Protection Of Medium-sized Investors' Benefits

The China security market is the country's economic barometer,and its influence on China'economy is increasingly significant.Investors are one of the important main bodies of the China securities market,in which the scattered and medium-sized investors group play the role of the main suppliers of funds for the securities market.But for the moment,the Chinese capita charaterize transition period,and laws and regulations of protecting medium-sized investors and corporate governance structure are imperfect.Med--ium-sized investors'interests always are infringed.Therefore, the research on how to protect the interests of medium-sized investors in China has more realistic significance.Securities investment funds is another emerging main body of securities market,its role to protect medium-sized investors'interests has become the focus of the theory and practice.Previous studies mostly focus on the law and policy such macroscopic angle.In this paper we will research from the miacrocosmic angle of securities investment funds participating in corporate governance as active shareholders.which root in predecessors' research.We clear up relevant literatures and state relevant theoretical basis,then theoretically analyze the mechanism of funds' shareholder to minority investors'benifits protection.On this basis,we calculate a comprehensive index through a series indicators related to the protection of medium-sized investors with principal component analysis.This index will be a measure of the degree of protecting medium-sized investors'bebefit,and is used for examining the effect of securities investment fund's holding securities of corporate on the protection of medium-sized investors. Through the empirical analysis,we found securities investment funds could actually have positive influence on the medium-sized investors benifits objectively,and the bigger ration of shares are,the stronger the effect is.Meanwhile,the securities investment funds has effect on the realization of the return on investment of the medium-sized investors.