论我国基金投资风格的演进及对市场的影响

On the Development of Style of Our Investment Funds and the Influence on the Stock Market

我国新投资基金已经有三年的发展历程,从一开始的积极投资发展到指数投资,投资目标趋于多元化,基金的持股时间相对拉长。但在当前规避风险工具缺乏的条件下,基金主要用仓位的调节来减少风险。基金对个股影响较大,对稳定大盘的波动贡献不大,这主要是由于上市公司质地不佳,投资基金本身尚存在缺陷及我国证券市场发展不完善等原因造成的。

From the beginning of the active investment to the index investment, our new investment funds have been developing for three years. The funds have tended to the various investment areas and the longer holding-time of stocks. For lack of the hedge instrument, they generally adjust the amount of stocks to reduce risks and intensify the fluctuation of the stock markets. Funds have more influence upon the single stock than on the stability of the index because of the bad nature of the companies on the stock markets, the own defaults of the funds and the unhealthy of our capital market.