基金流量与股票市场稳定性

Fund Flow and Stock Market Stability

随着我国股票市场的由熊转牛,我国基金市场与股票市场出现了罕见的"双向繁荣"景象。但值得关注的是,一旦市场出现逆转,基金会不会对股票市场带来"助跌"作用,成为金融市场不稳定的一个因素?为此,本文首先对西方学术界就基金流量与股票市场稳定性关系的讨论进行了总结,同时对国外基金流量与股票市场稳定性关系的历史证据进行了考察。在此基础上,本文对我国基金流量与股票市场稳定性的关系进行了分析,并提出了维护我国金融稳定性的相关建议。

China＇ s stock market and mutual fund market both experienced unprecedented growth thanks to stock market recovery from a long-ran bear market, but more and more people are concerned about the fever of stock market, arguing that redemption of mutual funds may act as an instability factor in financial market if stock price plummets. In this article, theories on the interaction of mutual funds flows and stock market stability are reviewed, historical evidences are explored, and the relationship between China＇ s mutual fund flows and stock market stability is investigated. Finally relevant policy suggestions on financial market stability are made.