基于QFII视角的中小投资者利益保护的影响研究

发布时间：2018-02-07 13:01

本文关键词： 中小投资者保护 QFII制度机构投资者　出处：《天津财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：据2012年统计年鉴的数据显示,2012年底在整个A股市场中,个人投资者所持股份约占30%,占据整个交易的85%,但其中近80%的投资都处于亏损状态,中小投资者的投资收益难以收回,本金得不到保障,其利益受到了严重的损害。为了解决这一问题,国家相关机构决定改善我国以散户投资占主导地位的投资结构,鼓励扩大机构投资者的队伍,提升资本证券市场中的投资效益,保护中小投资者的利益。作为从国外引进的特殊的机构投资者,QFII的出现受到了大家的关注,随着其在境内投资比例的逐渐增大,一方面,能够增加机构投资者所占的比重,改善我国的投资结构。另一方面,QFII拥有成熟的投资理念和丰富的经验,他们的进入能够改善国内的投机行为,促进证券市场健康的发展。那么引进QFII到底会给中国市场带来什么样的冲击和改进呢,他们是能够凭借自身的优势改善国内上市公司内部治理问题,保护中小投资者的利益,还是会只注重短期的利益,进行投机行为,损害投资者利益呢? 对此,文章从引入QFII视角分析研究机构投资者对中小投资者利益保护的影响。首先通过理论分析QFII作为境外投资者的特殊性及其对中小投资者利益保护的影响,提出假设,再利用2009年-2011年证券市场中A股市场的上市公司数据作为样本,检测QFII持股对中小投资者利益保护的影响。分析结果表明,QFII持股在达到一定比例后会提高公司的价值,能够保护中小投资者利益,这为我国规范QFII制度,引进QFII投资提供了一个理论参考。
[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.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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