中文摘要：

文章采用了2006年第一季度到2008年第四季度国内证券投资基金公布的季度数据，运用动态面板数据模型对我国证券投资基金重仓持股变动与股票价格波动性之间的关系进行了实证研究。结果表明，在牛市中证券投资基金重仓持股比例的变化与股价波动性成正向关系，加剧了股价的波动；在熊市中证券投资基金持股比例变化与股票价格波动性成反向关系，起到了稳定证券市场的作用。

英文摘要：

In this paper, the relation between securities investment fund＇ s shareholding and the volatility of stock price in China is analyzed by the dynamic panel data model, based on the updated data from the first quarter of 2006 to the fourth quarter of 2008 reported by securities investment funds. The results show that the change in securities investment fund＇ s shareholding ean stabilize the stock market during the booming period of the market and aggravate the volatility of stock market during the recessional period of the market.