LOF基金与股票市场稳定性
LOF Fund and Stock Market Stability

随着注册制的全面施行，标志着中国资本市场改革的深入推进，同时大众也将视野重新聚焦于股市以及与之密切相关的基金市场。文章基于沪深300指数以及上市型开放基金相关数据，采用TGARCH模型研究LOF基金与股票市场稳定性之间的关系。研究结果表明：1) LOF基金的发展对于股票市场的稳定性有积极作用；2) 利好信息相较于利空信息对于股票市场波动的影响更大；3) 中国股票市场的收益情况与全球股票市场的收益情况有一定的同步性。基于此，文章建议：应理性看待基金，健全规范基金发展；强化媒体治理、完善交易机制，推动市场健康发展；警惕国际市场风险传染，提高我国股市的稳定性。
With the comprehensive implementation of the registration system, it marks the deepening of China’s capital market reform, and at the same time, the public has refocused their vision on the stock market and closely related fund markets. The article is based on the Shanghai and Shenzhen 300 Index and relevant data of listed openend funds, and uses the TGARCH model to study the relationship between LOF funds and stock market stability. The research results indicate that: 1) the development of LOF funds has a positive impact on the stability of the stock market; 2) Positive information has a greater impact on stock market volatility compared to negative information. 3) There is a certain degree of synchronization between the returns of the Chinese stock market and the global stock market. Based on this, the article suggests that funds should be viewed rationally and the development of funds should be standardized; Strengthen media governance, improve trading mechanisms, and promote the healthy development of the market; Be vigilant about the contagion of international market risks and improve the stability of China’s stock market.