Abstract：Experts have made some heated discussions on policy characteristics of China’s securities market. This paper confirms that the policies of our country have some effect on the fluctuation of the stock market and that conducts an empirical test on managerial performance of securities investment funds in the range of irregular fluctuation of the stock market in China. The conclusion shows that investment funds have some better expectations on the unfavorable policies. and can adjust the investment direction and positions in time; funds can make responses in advance to favorable policies but their subsequent performance are not significant. Compared with individual investors, funds have their certain advantages even if they are influenced by policies.
2010, Vol. 1 
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