發(fā)布時(shí)間：2018-01-08 02:07

  本文關(guān)鍵詞：機(jī)構(gòu)投資者對(duì)我國(guó)證券市場(chǎng)穩(wěn)定性的影響研究　出處：《安徽財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 機(jī)構(gòu)投資者 證券投資基金 證券市場(chǎng)穩(wěn)定性 羊群行為

【摘要】：隨著證券市場(chǎng)的不斷發(fā)展與成熟,具有高度專業(yè)化的機(jī)構(gòu)投資者應(yīng)運(yùn)而生,它是投資的日趨細(xì)化、組織化和社會(huì)化的必然產(chǎn)物,它的行為將對(duì)證券市場(chǎng)產(chǎn)生越來(lái)越深遠(yuǎn)的影響。普遍的觀點(diǎn)認(rèn)為機(jī)構(gòu)投資者能起到穩(wěn)定證券市場(chǎng)的作用,因此政府大力培育和發(fā)展機(jī)構(gòu)投資者,以證券投資基金為代表的機(jī)構(gòu)投資者發(fā)展更為迅速,目前已經(jīng)成為內(nèi)地證券市場(chǎng)上最大的機(jī)構(gòu)投資者。然而對(duì)于機(jī)構(gòu)投資者是否真的能發(fā)揮穩(wěn)定證券市場(chǎng)的作用,學(xué)術(shù)界存在著兩種對(duì)立的觀點(diǎn)。一種觀點(diǎn)認(rèn)為,機(jī)構(gòu)投資者自身存在著各種缺陷與不足,他們的投資目標(biāo)是資產(chǎn)的增值,因此靠單純的發(fā)展壯大機(jī)構(gòu)投資者隊(duì)伍來(lái)穩(wěn)定證券市場(chǎng)是不現(xiàn)實(shí)的；另一種觀點(diǎn)認(rèn)為,機(jī)構(gòu)投資者是專業(yè)化的投資隊(duì)伍,他們的投資行為顯得更加理性,會(huì)利用豐富的專業(yè)知識(shí)以及專業(yè)技能對(duì)各種資產(chǎn)的內(nèi)在價(jià)值進(jìn)行分析,理性投資,從而機(jī)構(gòu)投資者隊(duì)伍的不斷發(fā)展與壯大會(huì)起到穩(wěn)定證券市場(chǎng)的作用。本文在對(duì)國(guó)內(nèi)外文獻(xiàn)回顧與論述后,首先對(duì)市場(chǎng)穩(wěn)定性和機(jī)構(gòu)投資者進(jìn)行界定,把股價(jià)偏離其內(nèi)在價(jià)值的程度定為證券市場(chǎng)穩(wěn)定與否的標(biāo)準(zhǔn),再?gòu)睦碚摰慕嵌确治鰴C(jī)構(gòu)投資者對(duì)市場(chǎng)穩(wěn)定性的影響,為建立計(jì)量經(jīng)濟(jì)模型選取變量提供依據(jù)。本文實(shí)證部分從A股市場(chǎng)的實(shí)際情況出發(fā),進(jìn)行實(shí)證研究分析證券投資基金的持股比例與股票價(jià)格之間的關(guān)系、證券投資基金持倉(cāng)比例的變動(dòng)與股指漲跌幅之間的關(guān)系,得出機(jī)構(gòu)投資者不但沒有發(fā)揮穩(wěn)定證券市場(chǎng)的作用,反而對(duì)證券市場(chǎng)的波動(dòng)起到推波助瀾的作用。筆者認(rèn)為機(jī)構(gòu)投資者未能發(fā)揮穩(wěn)定證券市場(chǎng)原因可能是由機(jī)構(gòu)投資者自身機(jī)構(gòu)存在缺陷這種內(nèi)因和證券市場(chǎng)的結(jié)構(gòu)與制度不夠完善的外因?qū)е露傻�。為了使機(jī)構(gòu)投資者能夠發(fā)揮穩(wěn)定證券市場(chǎng)的作用,促進(jìn)證券市場(chǎng)的健康有序發(fā)展,本文在最后大膽的嘗試性的提出了相應(yīng)的對(duì)策與建議,以期能為我國(guó)證券市場(chǎng)的健康發(fā)展作出有益的探索。
[Abstract]:With the continuous development of the securities market with the mature, highly professional institutional investors came into being, it is the inevitable product of investment is refined, organization and socialization, affect its behavior on the stock market will produce more and more profound. The general view is that investors can play a role in the stability of the securities market. Therefore, the government vigorously cultivate and develop institutional investors, the securities investment funds on behalf of institutional investors more rapid development, has become the mainland largest institutional investors in the market. However, whether institutional investors can really play a stabilizing role in the stock market, the academic circles there are two opposing views. A view institutional investors, itself has some defects and shortcomings, their investment objective is to increase the value of the assets, so only by strengthening the institutional investors development team Contingent stability of securities market is not realistic; another view is that institutional investors are the professional investment team, their investment behavior is more rational, will analyze the use of rich professional knowledge and professional skills on the intrinsic value of various assets, rational investment, play a stable role in the stock market development and general assembly to Zhuang institutional investors. Based on the literature review and discussion, firstly, the stability of market and institutional investors are defined, the stock price deviate from its intrinsic value as the degree of stock market stability criteria, and then analysis the influence of institutional investors on the stability of the market from the perspective of theory, for the establishment of the econometric model of selecting variables. Provide the basis for the empirical part of this paper from the actual situation of the A stock market, empirical analysis of securities investment fund holdings ratio The relationship between the cases and the stock price fluctuation and the stock index holdings of securities investment fund rose decline relationship between, the institutional investors not only play a stabilizing role in the stock market, but the volatility of the stock market play an important role. The author believes that institutional investors failed to stabilize the stock market may be due to the structure and system by institutional investors own mechanism defects of the internal cause and the stock market is not perfect and external causes. In order to make institutional investors can play a stabilizing role in the stock market, and promote the healthy and orderly development of securities market, in the end of this paper, bold attempt to put forward the corresponding countermeasures and suggestions, hoping to make a useful exploration for the healthy development of China's securities market.

【學(xué)位授予單位】：安徽財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51

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