機(jī)構(gòu)投資者,市場(chǎng)效應(yīng)與穩(wěn)定性研究

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摘要
投資主體機(jī)構(gòu)化已經(jīng)慢慢成為發(fā)展金融市場(chǎng)的一個(gè)顯著特征。隨著世界各國(guó)經(jīng)濟(jì)的迅速發(fā)展、國(guó)民收入積蓄的增加、金融市場(chǎng)規(guī)模和投資種類的不斷更新擴(kuò)大，金融市場(chǎng)的投資主體發(fā)生了結(jié)構(gòu)性變化，機(jī)構(gòu)投資者的發(fā)展正處于長(zhǎng)期奮戰(zhàn)中，機(jī)構(gòu)投資形式主要有投資基金、養(yǎng)老基金和保險(xiǎn)基金等,在發(fā)達(dá)國(guó)家金融市場(chǎng)中的作用越來(lái)越突出。對(duì)于中國(guó)資本市場(chǎng)的成熟和發(fā)展機(jī)構(gòu)投資者扮演著舉足輕重的角色，對(duì)市場(chǎng)的影響也越來(lái)越大，要使得中國(guó)經(jīng)濟(jì)市場(chǎng)發(fā)展跟上國(guó)際大部分的步伐，那么我們就得從根本去研究和拓新，這樣一來(lái)研究因股票市場(chǎng)效率以及穩(wěn)定性就成了重中之重的任務(wù)，不管是金融專家還是經(jīng)濟(jì)學(xué)家都該把理論知識(shí)和實(shí)踐運(yùn)用相結(jié)合的導(dǎo)入進(jìn)證券界。
從整個(gè)國(guó)際來(lái)看，機(jī)構(gòu)投資者對(duì)證券市場(chǎng)的發(fā)展還是具有促進(jìn)作用的。但在我國(guó)現(xiàn)發(fā)展階段，這種作用局限性很多,需要更多的時(shí)間來(lái)驗(yàn)證和考察,這就需要我們更加學(xué)習(xí)和完善知識(shí)。
全文總體分為三個(gè)部分,第一個(gè)部分主要圍繞概念和主題意義介紹來(lái)展開描述,通過(guò)國(guó)內(nèi)外的研究成果來(lái)理解和了解我們所要研究的目標(biāo);第二部分則是運(yùn)用數(shù)學(xué)模型和方程來(lái)解釋到底機(jī)構(gòu)投資者是如何影響金融市場(chǎng),文中探討到了羊群行為,及市場(chǎng)波動(dòng)性,通過(guò)以上方法來(lái)簡(jiǎn)單詮釋機(jī)構(gòu)投資者對(duì)市場(chǎng)效率和穩(wěn)定性的研究；第三部分則是對(duì)論文的一個(gè)總結(jié)。整篇文章主要分四章：
第一章是緒論，主要介紹本文的研究背景、研究意義、主要內(nèi)容、研究方法。
第二章著重理論基礎(chǔ)和概念解釋，有對(duì)機(jī)構(gòu)投資者的簡(jiǎn)單敘述定義，發(fā)展歷程及其中出現(xiàn)的問(wèn)題，還有國(guó)內(nèi)外對(duì)該領(lǐng)域的研究動(dòng)態(tài)。
第三章是運(yùn)用數(shù)學(xué)方程來(lái)假設(shè)建立模型和在理論基礎(chǔ)上進(jìn)行分析，運(yùn)用行為金融理論分析中國(guó)機(jī)構(gòu)投資者投資行為的可行性；檢驗(yàn)在賬面市值比形成過(guò)程中機(jī)構(gòu)投資者所起的作用，用機(jī)構(gòu)投資者羊群行為對(duì)信息的反應(yīng)為例來(lái)形象解釋；研究動(dòng)量交易與股票收益慣性效應(yīng)之間的關(guān)系時(shí)，引入了兩次模型，使用比較法來(lái)測(cè)試慣性效應(yīng)，最后從市場(chǎng)機(jī)構(gòu)持股比例的兩個(gè)相對(duì)狀態(tài)來(lái)考察市場(chǎng)的波動(dòng)性。
第四章是論文的最后部分，主要是對(duì)研究成果的總結(jié)，包括研究結(jié)論，研究的障礙和未來(lái)研究動(dòng)向。
關(guān)鍵詞：機(jī)構(gòu)投資者；市場(chǎng)效率；市場(chǎng)穩(wěn)定性

Abstract
Institutional investors have gradually become the development of financial markets is a significant feature.With the rapid development of the world economy, national income increased savings, the scale of the financial markets and investment types constantly updated and expanded, investors in financial markets occurred structural changes, the development of long-term institutional investors are in the fight, and institutional investors mainly in the form of investment funds, pension funds and insurance funds, the role of financial markets in developed countries increasingly prominent. For China's capital markets mature and develop institutional investors to play a pivotal role, the impact on the market is also growing, making the Chinese economy to keep up with most of the international market, the pace of development, then we have to go from fundamental research and new extension, such a study due to the efficiency and the stability of the stock market has become the most important task, whether economists or financial experts that the theoretical knowledge and practical application of a combination of import into the securities industry.
From the international point of view, the development of institutional investors on the securities market or promote the role. But our country is currently in the development stage, the limitations of this role, we need more time to verify and investigate, which we need to learn more and improve knowledge.
Overall full text is divided into three parts, the first part of the main themes around the concept and introduced to expand the meaning described by foreign research results to understand and we want to understand the objectives of the study; the second part is the use of mathematical models and equations to institutional investors in the end is how to explain the impact of the financial market, the paper discussed to herd behavior, and market volatility, a simple interpretation of the above methods to study institutional investors on market efficiency and stability; third part of the paper is a summary. Whole article is divided into four chapters:
The first chapter is the introduction, this paper introduces the research background, significance, main content, research methods.
The second chapter focuses on the theoretical basis and explain the concept, there is a brief description of the definition, development process and the issues that arise, as well as domestic and foreign institutional investors in the field of Research In Motion.
The third chapter is the use of mathematical equations to model assumptions and feasibility analysis based on the theory of behavioral finance theory analysis of Chinese investment behavior of institutional investors; examine the formation process than the carrying amount of the market value of the role played by institutional investors in, herd behavior by institutional investors react to information as an example to explain the image; relations momentum when trading between inertial effects and stock gains, the introduction of two..