Research On Purchase Behavior Of Institutional Investors To Securities Investment Funds

By purchasing securities investment funds,institutional investors leave the specific investment work to securities investment funds,which can make full use of the information,capital,talent and management advantages of securities investment funds.At the same time,due to the large scale of institutional investor funds,the purchase behavior of large-scale funds will bring certain impact on the securities investment funds and securities market in the short time.In this paper,we will characterize the purchase behavior of securities investment funds from the perspective of institutional investors.grasping the characteristics of institutional investors purchase behavior is helpful to improve the ability of management and investment of securities investment funds and tpromote the healthy development of China’s securities market.Combined theortical analysis and empirical analysis,this thesis systematically analyzes the motivation of purchase behavior of institutional investors to securities investment funds and describes the mechanism of institutional investors to purchase securities investment funds.Furthermore,it reveals the investment behavior of securities investment funds based on institutional investors purchase behavior.Asset management specialization and diversification of investment risk are the internal motivation for institutional investors to purchase securities investment funds.Purchase timing judgment,purchase theme construction,the implementation of the purchase mechanism and portfolio optimization are the whole purchase process the institutional investors,which are carried out in turn.The interal mechanism of purchase behavior of institutional investors to securities investment funds is based on the difference of investment ability in securities investment funds.Institutional investors are convinced of the professional and sophisticated investment capacity of securities investment funds to purchase funds.Because of the incomplete and asymmetric information,institutional investors believe that there is a gap in the investment ability of securities investment funds.Institutional investors will purchase securities investment funds which have a strong ability to invest in securities.The return andrisk of institutional investors will be redistributed because of their purchase behavior.because of the purchase behavior of institutional investors,The scale of the securities investment fund will soon expand rapidly.securities investment funds will face pressure of the position,performance pressures and market risk and under the superposition of three effects,Securities investment funds adopt momentum behavior,reversal behavior and herd behavior.