A Study Of The Impact Of Securities Investment Fund On The Stability Of The Stock Market Of China

In the stage of the development of China's securities market,individual investors in the dominant position in early,because of some characteristics of the individual investors,individual investors investment behavior has long been regarded as the main cause of China's stock market volatility.So vigorously develop China's securities investment fund is the Chinese government has long advocated,China's securities investment funds won rapid development over the years,the scale constantly expanding,for the healthy development of China's securities market has played a huge role.But China's stock market volatility in recent years,makes people begin to question the securities investment fund can really play the role of a stable stock market.Scholars at home and abroad of securities investment funds can still has a stable the role of the stock market also holds a big dispute,so the research has important academic and practical significance.In this article,on the basis of summarizing the relevant research literature at home and abroad,such as finance and securities investment discipline theory as the instruction,combined with the reality of our country securities market development,from two aspects of theory and practice of securities investment fund investment behavior influence on the stability of China's stock market has carried on the thorough research.In terms of theoretical analysis,this paper expounds the characteristics and behavior characteristics of securities investment funds,and then the stability of Chinese securities investment fund in China stock market,the influence mechanism is analyzed,and analysis from the Angle of different impact on the stability of the stock market.In this paper,on the stability of the stock market also define,measure,measure,and expound the comprehensive inspection,and make up by 3 sigma principle based on abnormal fluctuations in the stock market return days rate,through abnormal fluctuation rate reflects the stability of the market.For positive feedback trading behavior research funds,first of all,the securities investment fund holdings data analysis,through positive feedback analysis model of securities investment fund value positive feedback behavior,then test the securities investment fund,the existence of positive feedback trading behavior,verify the obvious positive feedback trading behavior in China's stock market and the impact on Chinese stock market stability.For securities investment funds ownership concentration,this article adopted the fund heavy warehouse stock of fund net worth than the indicators for research.In terms of empirical analysis,this article use all open-end equity funds and the stock market related data as the research sample,analysis test of the securities investment fund holdings behavior and positive feedback trading behavior influence on the stock market abnormal fluctuation rate,through the empirical results show that the securities investment fund is actually not very good play the role of a stable stock market,even in a certain extent,contributed to the volatility of the stock market.Investigate its reason,mainly lies in our country has not yet formed a conducive to securities investment funds play a stable stock market functions of market environment,and the securities investment funds own management structure and control system is not perfect enough.Through the conclusion,in this article start from the reality of Chinese stock market,and combine the feature of Chinese securities investment fund,for China's securities investment funds can better stability in China's stock market has the practical significance of suggestions and countermeasures are put forward.