Analysis Of Herding Behavior In Chinese Securities Investment Funds

After nearly two decades of rapid development,China's fund industry has achieved high success.Wether the fund size or the net value of the fund,it has risen to a new level.In recent years,securities investment funds have rapidly become the driving force for the development of securities market.In the securities market,the investment fund is not only regarded as a typical representative of value investment,but also play an important role in promoting the healthy and stable development of the securities market.However,the herding behavior of the fund's investment aggravates the stock price volatility of the stock market,undermining the order of market transactions,reducing the efficiency of resource allocation,which will inevitably have a significant impact on the stability of the securities market.At present,the herding behavior of securities investment fund has become a hot topic in financial research both at home and abroad.The results show that the probability of occurrence of herd behavior is negatively correlated with the maturity of market development,and our country as a new stock market since the reform and opening up,compared with the western developed countries,the degree of participation and operation in China's securities investment fund market are not mature enough.As the development of China's securities market is not perfect,the financial regulatory system is not perfect,and most of the fund investors and fund managers have not yet formed a mature and rational investment philosophy and investment style,which leads to the probability of occurrence on the market of securities investment fund's herding behavior in China larger.In addition,due to the late development of China's securities market,the measures in reference to the fund's herd behavior is not enough and perfect,once the herding behavior of securities investment fund happened,it will have a huge impact on the China's securities market,and even the entire economic market.In view of the huge negative impact of the herding behavior of securities investment funds on the securities market,and in order to better maintain the healthy development of securities funds,it is necessary to analyze and study the herding behavior of China's securities investment fund.This article mainly analyzes the herd behavior of fund market in China from two aspects: theory and reality.In theory,this article expounds the three kinds of herd behavior models under different theories.In reality,from the actual situation of transactions in recent years of China's securities investment fund,we analyze and verify that there is a certain degree herd behavior in the process of investment in China's securities market funds.Finally,from the internal and external evaluation system of China's fund,fund products themselves,fund investors and China's securities market environment,the author analyzes the causes of herding behavior of China's securities investment funds and puts forward the measures and suggestions to weaken the herd behavior.To provide a reference for the healthy development of China's securities market.