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近年来,国内一些学者广泛宣扬证券投资基金的积极意义和作用,一些国际知名证券人士及研究机构也竭力向我国政府推荐发展共同基金这条道路。他们共同的理论依据是,发展证券投资基金可以改善证券市场投资人结构,抑制过度市场投机,从而实现证券市场尤其是股市的持续、健康、稳定发展。由此,国家证监委1997年11月出台了《证券投资基金管理暂行办法》,其中明确指出,“促进证券市场的健康、稳定发展”是发展证券投资基金的主要宗旨。在这种背景下,新的证券投资基金陆续发行上市,截至2000年5月,已成立25家新型的基本符合国际惯例的证券投资基金。可以说,我国股市监管者对其寄予了厚望。但是我们看到,两年来中国股市依然动荡不已,1998年沪深两市波幅分别达36.4%和42.2%,而1999年则分别达到了67.6%和71.6%(见表1)!人们不禁要问,证券投资基金真的起到稳定股市的作用了吗?在本文中,我们将对此进行实证分析,同时对影响证券投资基金功能发挥的各种因素加以探讨,最后给出我们的结论和建议。
In recent years, some domestic scholars have widely promoted the positive significance and role of securities investment funds. Some internationally well-known securities dealers and research institutions have also tried their best to recommend the development of mutual funds to our government. Their common theoretical basis is that the development of securities investment funds can improve the structure of investors in the securities market and restrain excessive market speculation so as to achieve sustained, healthy and steady development of the securities market, especially the stock market. As a result, the State Securities Regulatory Commission issued in November 1997 “Provisional Measures on the Administration of Securities Investment Funds,” which clearly pointed out that “to promote the healthy and stable development of the securities market” is the development of securities investment fund’s main purpose. Under this background, new securities investment funds have been listed and issued. As of May 2000, 25 new securities investment funds basically in line with international practice have been established. It can be said that China’s stock market regulators have high hopes for it. However, we can see that the Chinese stock market has remained turbulent in the past two years. The volatility in Shanghai and Shenzhen reached 36.4% and 42.2% respectively in 1998 and 67.6% and 71.6% respectively in 1999 (Table 1). People can not but ask , Does the securities investment fund really play a role in stabilizing the stock market? In this article, we will make an empirical analysis of this and discuss the various factors that affect the function of securities investment funds. Finally, we will give our conclusions and recommendations .