摘要
本文以沪深股票市场中78只基金重仓股为样本,以股票流通市值、股票波动率、基金持股比重构建实证模型研究了开放式基金对股票市场波动性的影响。实证研究表明,开放式基金的投资行为在一定程度上加剧了股票市场的波动性。最后,本文根据实证结果与股票市场的现状提出了稳定股票市场的建议。
Sampling 78 stocks of shanghai and shenzhen securities exchange,this paper investigates the volatility impact of open-end fund on stock market by constructing empirical models of circulation market value,volatility and fund holdings ratio.The empirical results indicate that open-end fund is a source of instability for our stock market to some extent.Lastly,this article puts forward some suggestions about the stability of stock market according to the empirical results and the current conditions of stock market.
出处
《中央财经大学学报》
CSSCI
北大核心
2010年第11期37-41,共5页
Journal of Central University of Finance & Economics
