机构投资者对我国证券市场稳定性的影响研究

发布时间：2018-01-08 02:07

本文关键词：机构投资者对我国证券市场稳定性的影响研究　出处：《安徽财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着证券市场的不断发展与成熟,具有高度专业化的机构投资者应运而生,它是投资的日趋细化、组织化和社会化的必然产物,它的行为将对证券市场产生越来越深远的影响。普遍的观点认为机构投资者能起到稳定证券市场的作用,因此政府大力培育和发展机构投资者,以证券投资基金为代表的机构投资者发展更为迅速,目前已经成为内地证券市场上最大的机构投资者。然而对于机构投资者是否真的能发挥稳定证券市场的作用,学术界存在着两种对立的观点。一种观点认为,机构投资者自身存在着各种缺陷与不足,他们的投资目标是资产的增值,因此靠单纯的发展壮大机构投资者队伍来稳定证券市场是不现实的；另一种观点认为,机构投资者是专业化的投资队伍,他们的投资行为显得更加理性,会利用丰富的专业知识以及专业技能对各种资产的内在价值进行分析,理性投资,从而机构投资者队伍的不断发展与壮大会起到稳定证券市场的作用。本文在对国内外文献回顾与论述后,首先对市场稳定性和机构投资者进行界定,把股价偏离其内在价值的程度定为证券市场稳定与否的标准,再从理论的角度分析机构投资者对市场稳定性的影响,为建立计量经济模型选取变量提供依据。本文实证部分从A股市场的实际情况出发,进行实证研究分析证券投资基金的持股比例与股票价格之间的关系、证券投资基金持仓比例的变动与股指涨跌幅之间的关系,得出机构投资者不但没有发挥稳定证券市场的作用,反而对证券市场的波动起到推波助澜的作用。笔者认为机构投资者未能发挥稳定证券市场原因可能是由机构投资者自身机构存在缺陷这种内因和证券市场的结构与制度不够完善的外因导致而成的。为了使机构投资者能够发挥稳定证券市场的作用,促进证券市场的健康有序发展,本文在最后大胆的尝试性的提出了相应的对策与建议,以期能为我国证券市场的健康发展作出有益的探索。
[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.

【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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