Then, it studies the characteristic of price volatility and risk in closed-end securities investment fund market by use of ARCH models.

As regards income from securities investment fund management cost, it is required to list by fund name the amount of such income from each fund at current period and last period;

In the end, some conclusions which are derived from empirical analysis can be acquired. The thesis gives some advice on the development of closed-end securities investment fund from points of view.