规范证券投资基金套利行为的思考

在超常规、创造性发展的政策引导下,我国证券投资基金业得到了迅速的发展,也推动了证券市场的稳健运行。但近年出现的"基金黑幕"、"羊群行为",尤其是股权分置改革以来的短期资金套利现象,严重干扰了市场的正常秩序,一定程度上造成了市场的波动。要规范投资者的套利行为,就应以长期目标为出发点,建立套利行为的长效机制,从而促进证券市场有效性的提高。

The Consideration of Regulating the Arbitrage Behavior of Securities Investment Fund

Under the guidance of transnormal and creative development policy,the institutional investor obtained the rapid development in China,which impelled the stock market steadily.But the "Fund behind-the-scenes plotting"、"Herding Behavior",especially the short-term fund arbitrage phenomenon after the reform of split shareholding structure recent years,has disturbed the market normal order seriously,caused the market undulation in a certain degree.To regulate investor's arbitrage behavior,we should take the long-range objective as the starting point,establish the persistent effective mechanism of arbitrage behavior,thus promote the stock market validity.