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the securities investment funds have been developing many years,andhave become the very important player in the stock market in recentyears.We developed the securities investment funds in order to strengthenthe stability of the stock market.But wether the securities investment fundscan rise the stability of the stock market,that attracts domestic scholars’at-tention.The in?uence of securities investment funds to markets,that mainlyexhibited two aspects:one is the in?uence of funds to stock’s prices,we alsosay whether the funds can stabilized the stock market;the other is whetherthe founds can make people rational investment,that related to the changeof stock-holding.Many scholars did a lot of research about the two ques-tions,but the result are di?erent,so the paper will make a research in this?eld.The paper is included into four parts,?rstly,the ?rst part points outbackground ,signi?cance and innovations of the paper;the second part in-troduced the Panel Data Model and the Binary Choice Model,and givesthe models origin,de?nition and inspection method etc;the third part isthe most important in this paper.In this part , ?rst Using the Panel DataModel ,we studied the trader behavior of the funds to the stock market’s in?uenced , included to stock-proceeds,stock-volatility, stock-change,andmake interpretation and analysis to the results of the study,demonstratesthe securities investment funds whether can achieve the role-stability themarket. Secondly,using Binary Choice Model, we studied the factors thata?ect securities investment funds holding and increase or decrease ,andmake analysis to the result.the fourth part gives the conclution of the pa-per.
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