机构投资者对证券市场稳定性影响的理论分析(开题报告,论文15000字)
摘要
机构投资者在我国作为新生事物，基金黑幕、操纵股价等问题同时暴露出来。这样机构投资者是否能稳定证券市场，引起了争议。机构投资者的行为和作用，决定着我国证券市场是否能健康、稳定、持续发展。本文结合我国的国情，深入分析我国机构投资者的投资行为与证券市场稳定性的关系，以促进我国证券市场健康有序的发展。本文通过理论研究、实证研究、规范研究方法，进行了机构投资者对证券市场稳定性影响的定性研究，包括机构投资者加剧市场波动性的羊群效应、短视行为、反应过度或不足的效应分析，以及机构投资者持股减弱市场波动性的效应分析，即机构投资者可以丰富市场投资品种与扩大市场容量，具有相对理性的投资理念及投资行为，改善市场结构、完善金融体系，提高证券市场国际化程度。本文进行了我国机构投资者与证券市场稳定性的实证研究，对我国证券投资基金的持股情况进行统计描述分析，然后进行证券投资基金持股比例与股票价格波动的分析。本文提出了提高我国机构投资者稳定市场功能的政策建议，包括完善证券市场，加强证券监管的市场化手段，树立正确监管理念，提高上市公司的质量，加大优质股票的供给，完善市场结构，建立多层次的市场体系，完善市场套利机制，加强对机构投资者的监督管理，健全相关的法律、法规体系，加强对机构投资者信息披露制度的建设，督促机构投资者健全内部控制机构，完善法人治理结构，发展壮大并优化机构投资者队伍。本文的研究，对于提高我国机构投资者稳定市场功能有着重要的实践意义。
关键词：机构投资者；证券市场；稳定性
ABSTRACT
Institutional investors in the country as a novelty, fund shady, price manipulation and other issues at the same time exposed. Whether such institutional investors to stabilize the stock market, caused controversy. Behavior and the role of institutional investors, China's securities market determines whether a healthy, stable and sustainable development. In this paper, combined with China's national conditions, in-depth analysis of the relationship between the investment behavior of institutional investors and stock market stability, in order to promote healthy and orderly development of China's securities market. Effect Through theoretical studies, empirical research, standardized research methodology, conducted a qualitative study of institutional investors on the stability of the stock market, including institutional investors exacerbated market volatility herding, short-sighted, excessive or inadequate response and effects of institutional investors reduced market volatility analysis that institutional investors can enrich market investment products and expand market capacity, has a relatively rational investment philosophy and investment behavior, improving the market structure, improve the financial system and improve the securities market degree of internationalization. In this paper, the empirical research to institutional investors and the stability of the stock market, for holdings of securities investment funds for statistical descriptive analysis, and then analyzed the proportion of securities investment fund holdings and stock price volatility. This paper presents policy recommendations to improve our institutional investors to stabilize the market functions, including improving stock market, securities market measures to strengthen supervision and establish a correct concept of regulation, improve the quality of listed companies, to increase the supply of quality stock, improve the market structure, a multi-level marketing system, improve market arbitrage mechanism, strengthen the supervision and management of institutional investors, improve relevant laws and regulations, strengthen information disclosure system for institutional investors, construction, supervision and institutional investors a sound internal control mechanism, improve corporate governance structure, grow and optimize institutional investors. This study, to improve China's institutional investors to stabilize the market function has important practical significance.
Keywords: Institutional Investors; Securities Markets; Stability
目录
1绪论 1
1.1研究目的及意义 1
1.2研究方法 1
1.3研究框架 2
2文献综述 3
2.1市场稳定性的内涵 3
2.2机构投资者相关概念 3
2.2.1机构投资者的内涵 3
2.2.2机构投资者的种类 3
2.2.3机构投资者的特征 3
2.3国内外研究现状 3
2.3.1国外研究现状 3
2.3.2国内的相关研究 4
2.3.3评述 4
3机构投资者对证券市场稳定性影响的定性研究 6
3.1机构投资者加剧市场波动性的效应分析 6
3.1.1机构投资者的羊群行为 6
3.1.2机构投资者的短视行为 6
3.1.3机构投资者对市场的反应不足或反应过度 6
3.2机构投资者持股减弱市场波动性的效应分析 6
3.2.1丰富市场投资品种与扩大市场容量 6
3.2.2具有相对理性的投资理念及投资行为 7
3.2.3改善市场结构、完善金融体系 7
3.2.4提高证券市场国际化程度 7
4我国机构投资者与证券市场稳定性的实证研究 8
4.1对我国证券投资基金的持股情况进行统计描述分析 8
4.2证券投资基金持股比例与股票价格波动的分析 9
4.2.1研究方法 9
4.2.2样本选取 9
4.2.3实证结果与分析 10
4.3实证检验的结论 10
5提高我国机构投资者稳定市场功能的政策建议 11
5.1完善证券市场 11
5.1.1加强证券监管的市场化手段，树立正确监管理念 11
5.1.2提高上市公司的质量，加大优质股票的供给 11
5.1.3完善市场结构，建立多层次的市场体系 11
5.1.4完善市场套利机制 11
5.2加强对机构投资者的监督管理 11
5.2.1健全相关的法律、法规体系 11
5.2.2加强对机构投资者信息披露制度的建设 12
5.2.3督促机构投资者健全内部控制机构，完善法人治理结构 12
5.3发展壮大并优化机构投资者队伍 12
6结论 13
参考文献 14
致谢 15 |
