证券投资基金风格、投资行为与股票市场波动

本文研究了我国不同投资风格的证券投资基金投资行为和股票市场波动之间的相互关系，对于正确认识投资基金的作用以及发展机构投资者的政策取向具有重要意义。实证结果显示，证券投资基金股票投资行为在一定程度上引起了股票市场的波动，可以部分平抑市场下跌时的波动风险，同时加剧了市场上涨时的市场波动。成长型基金对股市波动的影响较大，而平衡型基金具有降低股市波动的作用。

Investment Styles of Fund Managers and Market Volatility

This paper studies how investment styles of securities fund management corporations relate to market volatility. It helps further understanding the role of investment funds and provides for a positive reference for policy making on cultivating institutional investors. Empirical findings indicate that investment funds is to some extent responsible for market volatility, but helps reduce fluctuation at downward pressure and stimulates volatility at upward pressure. Growth funds are most volatile of all styles, while equilibrium funds are the least.