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根据行为金融实验获得的证据构建了基金发行对市场波动的数学模型,通过模拟计算我们发现:基金发行初期,基金的发行会使股价波动加大;当基金发行总量达到一定量时,发行基金具有稳定股市的作用。发行超大规模的基金会给股市带来大的波动,建议采取发行多个小规模基金,这样既可以使市场避免较大的冲击,又可以加快进入基金稳定市场的阶段。最后本文用中国股市投资者的数据做了实证分析。
According to the evidence obtained from the behavioral finance experiment, this paper constructs a mathematic model of the volatility of the fund issuance to the market. Through the simulation, we find that the issuance of the fund will increase the volatility of the stock price in the early stage of fund issuance. When the fund issuance reaches a certain amount, With a stable stock market role. The issuance of very large-scale foundations has brought major fluctuations to the stock market. It is proposed to issue a number of small-scale funds so that the market will not only have a greater impact but also speed up the process of entering the fund’s stable market. Finally, this paper uses the data of Chinese stock market investors to make an empirical analysis.