关于机构投资者与资本市场稳定的理性思考

发布时间：2018-12-16 20:46

【摘要】：机构投资者作为资本市场的重要参与者,以其庞大的资产规模、畅通的信息渠道、专业的投资理念在资本市场中担当着重要的角色。然而,机构投资者究竟是有助于资本市场的稳定还是加剧了资本市场的波动,至今还是仁者见仁、智者见智。作为资本市场重要参与者的机构投资者,以其庞大的持股规模、通畅的信息资源以及同时同向动用大规模资金的能力无疑会对资本市场的稳定产生重大的影响。其理性投资有助于抵消个人投资者非理性行为对资本市场的影响,有利于资本市场的稳定;而其"加大资本市场波动从而谋取利益"的机会主义行为,则不利于资本市场的稳定。机构投资者在资本市场中的地位可以类比于产品市场"寡头垄断"中的厂商地位,厂商有通过自身优势及彼此之间的"价格联盟"制定产品市场价格获取高额利润的冲动,机构投资者同样有通过自身资金优势增大资本市场的波动,从而获得低买高卖所持有股票等资产最大化投资收益的冲动,这无疑会加剧资本市场的波动。不过,也不能将资本市场波动的责任强加于机构投资者身上,毕竟机构投资者也仅是资本市场中众多参与者之一,其并没有稳定资本市场的义务。
[Abstract]:As an important participant in the capital market, institutional investors play an important role in the capital market with their huge asset scale, unblocked information channels and professional investment ideas. However, whether institutional investors contribute to the stability of the capital market or exacerbate the volatility of the capital market, so far is still different, different wisdom. As an important participant in the capital market, the institutional investors have a great influence on the stability of the capital market with their huge shareholding scale, unobstructed information resources and the ability to use large-scale funds at the same time. Rational investment helps to offset the impact of irrational behavior of individual investors on the capital market and is conducive to the stability of the capital market; Its opportunistic behavior of "increasing the fluctuation of capital market and seeking profit" is not conducive to the stability of capital market. The position of institutional investors in the capital market can be analogous to the position of the firm in the "oligopoly" of the product market. The manufacturers have the impulse to make high profits through their own advantages and the "price alliance" between them. Institutional investors also have the urge to increase the volatility of the capital market through their own capital advantages, so as to maximize the investment return on assets such as buying and selling stocks, which will undoubtedly aggravate the volatility of the capital market. However, the responsibility for capital market volatility cannot be imposed on institutional investors, who are only one of many players in capital markets and have no obligation to stabilize capital markets.
【作者单位】：山东大学经济学院;
【基金】：山东大学自主科研创新基金项目“中国机构投资者与资本市场波动性相关关系研究”(yzc11006)的部分成果
【分类号】：F832.51

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