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本文实证研究了我国开放式基金的羊群行为及反馈行为,并检验了这种投资行为对中国股票市场的影响。结果表明,开放式基金具有明显的羊群行为及反馈行为,这种投资行为提高了股市上涨期间的上涨幅度,加剧了下跌期间股票市场的波动。加强市场及产品创新,改变基金投资范围狭窄、缺乏做空机制、产品同质化严重、投资管理模式雷同的现状,是解决这种不利局面的根本措施。
This paper empirically studies the herd behavior and feedback behavior of China’s open-end funds and examines the impact of such investment on China’s stock market. The results show that the open-end fund has obvious herd behavior and feedback behavior. This kind of investment behavior increases the increase during the rising period of the stock market and aggravates the fluctuation of the stock market during the period of decline. Strengthening the market and product innovation, changing the fund investment scope is narrow, the lack of short mechanism, product homogeneity, investment management model is the same as the current situation is to solve this unfavorable situation fundamental measures.