| Driven by the rapid development of China's economy,the stock market has also developed rapidly,but at the same time,the extent of changes in stock market volatility continues to expand.This article combines securities investment funds with market volatility to study whether it can effectively control the stock market and conducts a more in-depth study on this issue,and then analyzing the relationship between securities investment funds and the market.A correct understanding of the fund's investment behavior and its impact on the market is an important condition for promoting the development of the securities market.This article starts with the definition and operation of securities investment funds,and analyzes the correlation between its theoretical and stock market volatility.Then,it further made an empirical analysis of the impact of the fund's position ratio,shareholding concentration and shareholding period on stock market volatility.The empirical results show that the launch of securities investment funds has not played a role in stabilizing and reducing stock market volatility,and there is a clear herding effect in China's stock market.The volatility changes with the cyclical changes of the stock market after the securities investment funds entering.When the market is in a downturn,investment funds have gradually reduced the volatility of the stock market;when the market is high,investment funds have intensified the volatility of the stock market.The empirical results do not support the policy intention of China's supervisory authorities to develop institutional investors such as securities investment funds to stabilize the market.This is inconsistent with the conclusions of some domestic and foreign scholars that the fund can stabilize the market and reduce market volatility.This article proposes to stabilize the stock market through securities investment funds from four aspects,in order to provide constructive opinions for the development of securities investment funds. |
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