本文關鍵詞： 中小投資者保護 QFII制度 機構投資者　出處：《天津財經大學》2013年碩士論文　論文類型：學位論文

【摘要】：據2012年統(tǒng)計年鑒的數據顯示,2012年底在整個A股市場中,個人投資者所持股份約占30%,占據整個交易的85%,但其中近80%的投資都處于虧損狀態(tài),中小投資者的投資收益難以收回,本金得不到保障,其利益受到了嚴重的損害。為了解決這一問題,國家相關機構決定改善我國以散戶投資占主導地位的投資結構,鼓勵擴大機構投資者的隊伍,提升資本證券市場中的投資效益,保護中小投資者的利益。作為從國外引進的特殊的機構投資者,QFII的出現(xiàn)受到了大家的關注,隨著其在境內投資比例的逐漸增大,一方面,能夠增加機構投資者所占的比重,改善我國的投資結構。另一方面,QFII擁有成熟的投資理念和豐富的經驗,他們的進入能夠改善國內的投機行為,促進證券市場健康的發(fā)展。那么引進QFII到底會給中國市場帶來什么樣的沖擊和改進呢,他們是能夠憑借自身的優(yōu)勢改善國內上市公司內部治理問題,保護中小投資者的利益,還是會只注重短期的利益,進行投機行為,損害投資者利益呢? 對此,文章從引入QFII視角分析研究機構投資者對中小投資者利益保護的影響。首先通過理論分析QFII作為境外投資者的特殊性及其對中小投資者利益保護的影響,提出假設,再利用2009年-2011年證券市場中A股市場的上市公司數據作為樣本,檢測QFII持股對中小投資者利益保護的影響。分析結果表明,QFII持股在達到一定比例后會提高公司的價值,能夠保護中小投資者利益,這為我國規(guī)范QFII制度,引進QFII投資提供了一個理論參考。
[Abstract]:According to the 2012 statistical yearbook data, in the entire A-share market at the end of 2012, the shares held by individual investors accounted for about 30 shares, accounting for 85% of the entire transaction, but nearly 80% of the investments were in a state of loss, making it difficult for small and medium-sized investors to recover their investment returns. In order to solve this problem, the relevant state agencies have decided to improve the investment structure of our country, dominated by retail investment, and encourage the expansion of the ranks of institutional investors. As a special institutional investor imported from abroad, the emergence of QFII has attracted much attention. With the gradual increase of its investment ratio in China, on the one hand, It can increase the proportion of institutional investors and improve the investment structure of our country. On the other hand, QFII has a mature investment concept and rich experience. Their entry can improve domestic speculation. Promote the healthy development of the securities market. Well, what kind of impact and improvement will the introduction of QFII bring to the Chinese market? they can use their own advantages to improve the internal governance problems of domestic listed companies and to protect the interests of small and medium-sized investors. Or will they only focus on short-term interests and engage in speculation to the detriment of the interests of investors? In view of this, this paper analyzes the influence of institutional investors on the protection of the interests of small and medium-sized investors from the perspective of QFII. Firstly, through the theoretical analysis of the particularity of QFII as an overseas investor and its impact on the protection of the interests of small and medium-sized investors, this paper puts forward assumptions. Then using the data of listed companies in the A share market from 2009 to 2011 as samples, the influence of QFII shareholding on the protection of the interests of small and medium investors is tested. The results show that the value of the company will be improved after the holding of QFII shares reaches a certain proportion. It can protect the interests of small and medium investors, which provides a theoretical reference for our country to standardize the QFII system and introduce QFII investment.
【學位授予單位】：天津財經大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51

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