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通过建立投资策略衡量模型,从惯性交易策略和反转交易策略的角度对全球次债危机前后我国证券市场上合格境外机构投资者的交易策略选择进行了实证检验,并对实证结果作了比较分析。研究发现QFII的投资策略并不是一成不变的,在次债危机前后投资策略发生了转变,危机前总体上都采取了惯性交易策略,而危机后倾向于反转交易策略。
Through the establishment of the investment strategy measurement model, this paper empirically tests the selection of trading strategies of qualified foreign institutional investors in China’s securities market before and after the global subprime crisis from the perspective of inertial trading strategies and counter-trading strategies, and makes comparative analyzes of the empirical results . The research found that the investment strategy of QFII is not static. The investment strategy has changed before and after the subprime crisis. Before the crisis, the strategy of inertia trading was taken as a whole. However, the strategy of reversing the trading strategy tended to be reversed after the crisis.