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以组合管理为基本方法的证券投资基金,由于其投资风格选择的不同会导致投资者对其投资偏好的差异,加之证券市场的非有效性和投资者的非完全理性,投资者对基金的投资决策更多基于心理动机和行为因素的判断。本文运用行为组合理论,对我国证券市场封闭式基金的折价状况进行了考察,分析了证券投资基金投资风格选择对基金需求的影响,针对我国证券市场投资者的需求特点和偏好状况进行了研究。
Portfolio management as the basic method of securities investment funds, because of their different investment styles will lead to differences in investment preferences of investors, combined with the stock market ineffectiveness and investors ’imperfect rationality, investors’ investment in the fund Make more decisions based on psychological motivations and behavioral factors. In this paper, behavioral portfolio theory is used to examine the discount of closed-end funds in China’s securities market. The paper analyzes the influence of the investment style of securities investment funds on the demand of funds, and studies the demand characteristics and preferences of the investors in the securities market.