开放式基金作为重要的机构投资者,对维护股票市场的稳定起着重要作用。在我国,开放式基金发生投资风格漂移已成常态,这又将会影响到股票市场的波动性。本文基于此,采用ARCH模型中的GARCH(1,1)模型对我国股市的波动性进行刻画,研究投资风格漂移对股市波动性的影响。实证结果表明:基金发生投资风格漂移会通过对其所投资的股票产生波动效应,进而导致股市产生波动性,这种投资行为不利于促进股票市场的稳定发展,故需要对基金的风格漂移现象加强监管。 As an important institutional investor, open-end funds play an important role in maintaining the stability of the stock market. In our country, the investment style drift of open-end funds has become the norm, which in turn will affect the volatility of the stock market. Based on this, this paper uses the GARCH (1,1) model in ARCH model to describe the volatility of China’s stock market and studies the impact of investment style drift on the volatility of the stock market. The empirical results show that: the fund style of investment drift will fluctuate by investing in the stock, thus leading to stock market volatility, this investment behavior is not conducive to promoting the stable development of the stock market, it needs to fund the phenomenon of style drift to strengthen Supervision.