机构投资者对证券投资基金的申购行为研究

发布时间：2018-04-11 17:45

本文选题：机构投资者 + 证券投资基金　；参考：《郑州大学》2017年硕士论文

【摘要】：机构投资者通过申购证券投资基金,将具体的投资工作委托给专业的投资机构,可以利用证券投资基金的信息、资金、人才和管理优势,实现收益稳定持续增长。同时,由于机构投资者资金规模大,短期内大规模资金申购会对证券投资基金和证券市场带来一定的影响。鉴于此,本文从机构投资者的视角去刻画机构投资者对证券投资基金的申购行为,探讨机构投资者的申购行为机制,这将有助于证券投资基金提升其管理能力和投资能力,有利于促进我国证券市场的健康发展。本文将理论分析与实证分析相结合,较为系统地分析了机构投资者申购证券投资基金的动因,在此基础上刻画了机构投资者对证券投资基金申购行为的机理,进而揭示了机构投资者申购行为对证券投资基金投资行为的影响。资产管理的专业化和投资风险的分散是机构投资者申购证券投资基金的内在动因。申购时机研判、申购主题构建、申购机制实施和投资组合优化是机构投资者完整的申购过程,四个步骤是依次展开的。机构投资者对证券投资基金申购行为的内在机制是建立在证券投资基金投资能力存在差异的基础之上。机构投资者申购证券投资基金是基于对证券投资基金投资能力的认可,由于信息的不完全和不对称,机构投资者认为证券投资基金在投资能力上是有差异的,并会基于此选择拥有私有信息且投资能力强的证券投资基金进行申购。同时,机构投资者的风险与收益会因其申购行为重新分布。机构投资者对证券投资基金申购后,证券投资基金规模短期内会迅速扩大,在仓位压力、业绩压力和市场风险三重效应叠加下,证券投资基金会实施动量行为、反转行为和羊群行为。
[Abstract]:By applying for securities investment funds, institutional investors entrust specific investment work to professional investment institutions, which can make use of the information, funds, talents and management advantages of securities investment funds to achieve a steady and sustained increase in returns.At the same time, because of the large scale of institutional investors' funds, the large funds requisition in the short term will have a certain impact on the securities investment funds and the securities market.In view of this, this paper depicts institutional investors' purchase behavior of securities investment funds from the perspective of institutional investors, and probes into the mechanism of institutional investors' requisition behavior, which will help securities investment funds to enhance their management and investment capabilities.It is conducive to the healthy development of China's securities market.Combining theoretical analysis with empirical analysis, this paper systematically analyzes the motivation of institutional investors to apply for securities investment funds, and on this basis describes the mechanism of institutional investors' purchase of securities investment funds.Furthermore, it reveals the influence of institutional investors' purchase behavior on the investment behavior of securities investment funds.The specialization of asset management and the diversification of investment risk are the intrinsic motivation for institutional investors to apply for securities investment funds.The research and judgment of the application timing, the construction of the requisition theme, the implementation of the requisition mechanism and the optimization of the investment portfolio are the complete requisition process of the institutional investors, and the four steps are carried out in turn.The internal mechanism of institutional investors' purchase behavior of securities investment funds is based on the difference of investment ability of securities investment funds.Institutional investors' application for securities investment funds is based on the recognition of the investment ability of securities investment funds. Because of the incomplete and asymmetric information, institutional investors believe that there are differences in the investment ability of securities investment funds.Based on this, securities investment funds with private information and strong investment ability will be selected for purchase.At the same time, the risk and return of institutional investors will be redistributed due to their purchase behavior.After institutional investors apply for securities investment funds, the scale of securities investment funds will expand rapidly in a short period of time. Under the triple effects of position pressure, performance pressure and market risk, the securities investment fund will implement momentum behavior.Reverse behavior and herding behavior.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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