封耀童

Abstract： In the development of securities markets in various countries， there is a common law of institutional investor phenomenon， which is a controversial issue for the trading behavior of securities investment funds. In the current domestic investment behavior， there are serious sheep behavior， investment ideas are too consistent， investment style is relatively vague， the above phenomenon is essentially due to China's stock market serious institutional errors and structural imbalances， resulting in the management company's ability to rationally respond to herd behavior decreased.

Keywords： securities investment， fund trading， market impact

1.A study of the trading behavior of securities investment funds

The trading behavior of securities investment fund refers to the investment process in which investors convert accidental investment into ordinary investment. In this process，the trading behavior of the correct investment fund refers to the behavior ofthe market research and investment type analysiscarried out by the investor to improve the personal economic income， or the purchase behavior of the securities investment fund is summarized continuously in the course of the investmentprocess，combined with the experience of individual securities investmentfunds. On the other hand， the trading behavior of domestic securities investmentrefers to the behavior of investors learning from each other or following the investmentguidance during the period of financial investment， which is also known as the behavior of sheep.

In order to examine the impact of domestic securities investment funds on trading activities and markets， we need to analyze the "sheep behavior" of domestic securities investment funds and countermeasures. At the same time，we should also make a clear interpretation and study  of the various problemsfound at present， and put forward  targeted  and targeted countermeasures to further safeguard the investment process of China'ssecurities funds， promote the stable developmentof the securities market，so that itmeets the investment standards of nationalsecuritiesfunds，in To maximize the protection of thelegitimate interests of shareholders and related enterprises.

2.Second， the "sheep behavior" appeared in the cause analysis

With the change of the concept of public financial management， the analysis of the type and form of securities investment funds by investors has become more and more comprehensive. Conversely， if the public does not have enough purchasing power to manage and invest， the profitability of the wealth management market will not be effectively enhanced. The trading behavior of securities investment funds has an extremelyimportantinfluence onthefinancial market and is one of the important reasons for the "sheep behavior". From the point of view of financial theory， if we want to make full use of funds and effectively exert the benefits of funds， we must use funds rationally. In this process， China's current securities investment funds are not obvious advantages， low profits， to a certain extent， the stock market has formed an impact. At the same time， most enterprises will seriously affect the operation of corporate capital when the recapitalization， the stability and sustainable development of enterprises have a negative impact.

The trading behavior of securities investment fund is the result of the transformation of social economy and public finance investment， which has influenced the development of financial investment industry to some extent，anddirectly reflects the economic investment ability ofthe public.Therefore，in order to correctly deal with the relationship between securities trading and the development of financial markets， we should use dialectical financial analysis methods to explain the changes in securities investment fundtransactions， reasonably respond to thecorrespondingrisks， to ensure the normal operation of securities investment funds.

3.The impact of the trading behavior of securities investment funds on the market

The investor's securities investment trading behavior will have a direct impact on the change of capital scale and the development of financial industryin society.At the same time， suchfinancial investment products represented by the productwill also get a lot of liquidity. The industry expands its operations at operating costsand makes some changes to the form of buying investment. Because of the behavior of sheep，investorstend to buy a large number of investment productsinadvance."In the process， if  the price of the laterproductfalls，it will cause investors to sell most of theseproducts，resulting in problems in the capital chain of the relevant enterprises， affecting the operation of the firm's policies."

The trading behavior of securities investment funds is the process of analyzing the demand of public finance. Therefore， the transaction behavior also affects the purchase behavior of financial investment，but also changes the degree of commercialization of financial investment in the past， making it more concentrated. Second， the trading behavior of investment instruments and fluctuations in the group's stock investment demand canreduce the stability of the financial asset investment period.

4.Fourth， the conclusion

The above analysis expounds the indirect relationship between the trading process of domestic securities investment funds and the securities investment market， and only by optimizing the trading process of securities investment funds can we maintain a normal and stable development trend. On the contrary， if the listed company can not maintain long-term stable performance growth in the actual process of work， this will greatly reduce the security of the company's development， improve operational risk， affect the stable development of the entire financial investment industry.

（北京工商大學嘉华学院  北京  101118）