证券投资基金对股票市场影响的实证分析

Empirical Analysis of the Influence on Stock Market from Security Investment Fund

在股票市场繁荣的2006年到2007年,证券投资基金规模在不断壮大,其对股票市场的影响是本文的研究重点。在静态分析方面,分析基金规模变化;在动态分析方面,选取股票的基金持股率和基金对持有股票操作频繁度,考察对股票市场波动的影响。文章指出股票市场的理性化将加强基金对其稳定作用;引入公司型基金的运行模式。

As the stock market of China has flourished in 2006 and 2007, securities investment funds have grown at a rapid speed as well. The focus of this article is to research the impact of funds on market. In the static aspect, this article analyzes changes of its scale. In the dynamic aspect, the author chooses two indexes, share ratio of funds for every stock and frequency of selling or buying them, to analyze its impact on the fluctuation of market. The article points out that rational development of market can make itself steadier by funds and inducing company type can reduce drawbacks of contract type.