Analysis:
Did the fund manipulate the stock price? Did you get the goods for the dealer at a high position? Actually, this is very simple. Isn't it clear to check the transaction records? Look at which stock the fund bought after the banker's speculation, and everyone will know, so there is no need to argue. If the fund manager uses his own money, no matter how high it is, no one cares, but he uses the money of the majority of small and medium investors, so he should care. Of course, when it comes to management, most people can't manage it, they can only rely on management.
On June 5438+1early October, 2000, Caijing magazine published an article entitled "fund shady-analysis of fund behavior research report", which triggered a hand-to-hand battle in the fund industry and also caused a fierce debate in China's securities market.
10 June 16,10 domestic fund companies issued solemn statements in several securities newspapers, claiming that the "fund shady" contained many false statements. 10 10/9, Caijing magazine also issued a solemn statement, saying that its reporting sources were legitimate and reliable.
Caijing is based on the report of Zhao Yugang, the supervision department of Shanghai Stock Exchange. The report analyzes the records of 22 securities investment funds owned by 10 fund management companies in China from August 9, 1999 to April 28, 2000, and draws the conclusion that "there are a lot of illegal operations and illegal operations in securities funds".
First, the "fund shady" theory that "funds stabilize the market" is just a beautiful assumption, sometimes this is not the case.
The original intention of setting up the fund is that with the expansion of the market, the supply of funds is insufficient, and the money in the hands of ordinary people can only be deposited in the bank. At the beginning, the purpose of setting up a fund was to use experts to manage money, so that they could invest in the securities market by purchasing funds and realize certain income. Therefore, the fund is a tool for investment and financial management on behalf of customers. Another point is that retail investors in the existing securities market chase up and kill down, rising and falling together, and the stock price fluctuates greatly, while funds are managed by experts and invested rationally, which can play a role in stabilizing the securities market.
Second, the "fund shady" thinks that funds operate illegally in securities trading, creating false trading volume and deceiving investors and fund buyers.
To sell a commodity, someone must buy it, but when no one comes to buy it, even if the seller sells it madly, no one may come to buy it. At this time, there is only a "reversal", buying and selling their own stocks, and creating false trading volume to deceive people. Because there is a proverb in the stock market: "Only the volume will not deceive people." It means that it is easy to manipulate the stock price, but the volume will not deceive people. But now some people hang upside down, sell and buy by themselves, and the turnover will go up, which makes it difficult for the majority of retail investors to distinguish between true and false and be manipulated.
The first "fund shady" study found that the same fund management company managed multiple funds to increase or decrease the position of the same stock at the same time, involving 76 stocks, 7 stocks were upside down, and 1 1 stocks were upside down in both directions between funds. The second study also found that the number of stocks involved in fund lightening, increasing or lightening increased to 140. Most funds have had "contrarian" behavior.
"Capital shady" thinks that besides capital reversal, there is more serious dumping position behavior, that is, both parties trade in the market through the price, quantity and time agreed in advance. Two funds managed by a fund company dump their positions with each other, which undoubtedly solves the liquidity problem of the first listed fund and does not affect or even improve its net worth.
The fund shady believes that the independence of the fund is very poor. If the fund bosses only think about the interests of the major shareholders and sponsors, it will harm the interests of investors who have purchased the fund. The fund is dominated by securities companies, and the person in charge of the fund mainly comes from the top of the brokerage firm, so the person in charge of the fund will be inextricably linked with the brokerage firm. Will they be responsible for the vast number of fund buyers? Use related party transactions or insider trading to be responsible for brokers and harm the interests of retail investors. All this is possible or happening.
Bosera Fund: The first fund to be investigated.
On the evening of March 24th, 2002, the China Securities Regulatory Commission announced that it had decided to investigate whether Bosera Fund Management Company's use of unfair trading means to buy and sell stocks constituted securities fraud.