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基金最近正热。 《开放式证券投资基金试点办法》已经开始实行,我国将成立第一家开放式基金。作为国外最为普遍的一种基金管理模式,有专家解释说,基金管理人更富于理性,开放式基金可以起到稳定股市的作用。 以上结论基于一个假设,那就是:基金在国外的运行的确达到了上述效果。 但基金到底对股市起什么样的作用?回顾一下世界资本市场从20世纪60年代到90年代经历的历程,却发现基金对股市泡沫的产生事实上有推波助澜的作用。正是基金的投机行为、大规模资金的炒作,才使得股价被抬到了难以想象的高度,泡沫丛生。 从对这些投机活动的回顾中,我们可以重温当年曾经的热情、疯狂和泡沫泯灭后的沮丧,也许还会从中找到对中国证券投资基金有所启示的东西。
The fund is getting hot recently. The “Pilot Program for Open-ended Securities Investment Funds” has been put into operation and China will establish its first open-ended fund. As the most common overseas fund management model, some experts explained that fund managers are more rational and open-ended funds can play a stabilizing role in the stock market. The above conclusion is based on the assumption that the fund’s operation abroad has indeed achieved the above effect. But what kind of role does the fund play in the stock market? Recalling the history of the world capital market from the 1960s to the 1990s, it is found that the fund actually contributes to the stock market bubble. It is the fund speculation, speculation of large-scale funds, it makes the stock price was lifted to unimaginable height, a bubble. From a review of these speculative activities, we can revisit the enthusiasm, madness and frustration after the bubble burst in the past, and perhaps find something to enlighten China Securities Investment Fund.