机构投资者,市场效应与稳定性研究.doc
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机构投资者,市场效应与稳定性研究,18000字26页摘要投资主体机构化已经慢慢成为发展金融市场的一个显著特征。随着世界各国经济的迅速发展、国民收入积蓄的增加、金融市场规模和投资种类的不断更新扩大，金融市场的投资主体发生了结构性变化，机构投资者的发展正处于长期奋战中，机构投资形式主要有投资基金、养老基金和保险基金等,在发达...
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机构投资者,市场效应与稳定性研究
18000字 26页
摘要
投资主体机构化已经慢慢成为发展金融市场的一个显著特征。随着世界各国经济的迅速发展、国民收入积蓄的增加、金融市场规模和投资种类的不断更新扩大，金融市场的投资主体发生了结构性变化，机构投资者的发展正处于长期奋战中，机构投资形式主要有投资基金、养老基金和保险基金等,在发达国家金融市场中的作用越来越突出。对于中国资本市场的成熟和发展机构投资者扮演着举足轻重的角色，对市场的影响也越来越大，要使得中国经济市场发展跟上国际大部分的步伐，那么我们就得从根本去研究和拓新，这样一来研究因股票市场效率以及稳定性就成了重中之重的任务，不管是金融专家还是经济学家都该把理论知识和实践运用相结合的导入进证券界。
从整个国际来看，机构投资者对证券市场的发展还是具有促进作用的。但在我国现发展阶段，这种作用局限性很多,需要更多的时间来验证和考察,这就需要我们更加学习和完善知识。
全文总体分为三个部分,第一个部分主要围绕概念和主题意义介绍来展开描述,通过国内外的研究成果来理解和了解我们所要研究的目标;第二部分则是运用数学模型和方程来解释到底机构投资者是如何影响金融市场,文中探讨到了羊群行为,及市场波动性,通过以上方法来简单诠释机构投资者对市场效率和稳定性的研究；第三部分则是对论文的一个总结。整篇文章主要分四章：
第一章是绪论，主要介绍本文的研究背景、研究意义、主要内容、研究方法。
第二章着重理论基础和概念解释，有对机构投资者的简单叙述定义，发展历程及其中出现的问题，还有国内外对该领域的研究动态。
第三章是运用数学方程来假设建立模型和在理论基础上进行分析，运用行为金融理论分析中国机构投资者投资行为的可行性；检验在账面市值比形成过程中机构投资者所起的作用，用机构投资者羊群行为对信息的反应为例来形象解释；研究动量交易与股票收益惯性效应之间的关系时，引入了两次模型，使用比较法来测试惯性效应，最后从市场机构持股比例的两个相对状态来考察市场的波动性。
第四章是论文的最后部分，主要是对研究成果的总结，包括研究结论，研究的障碍和未来研究动向。
关键词：机构投资者；市场效率；市场稳定性
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..
18000字 26页
摘要
投资主体机构化已经慢慢成为发展金融市场的一个显著特征。随着世界各国经济的迅速发展、国民收入积蓄的增加、金融市场规模和投资种类的不断更新扩大，金融市场的投资主体发生了结构性变化，机构投资者的发展正处于长期奋战中，机构投资形式主要有投资基金、养老基金和保险基金等,在发达国家金融市场中的作用越来越突出。对于中国资本市场的成熟和发展机构投资者扮演着举足轻重的角色，对市场的影响也越来越大，要使得中国经济市场发展跟上国际大部分的步伐，那么我们就得从根本去研究和拓新，这样一来研究因股票市场效率以及稳定性就成了重中之重的任务，不管是金融专家还是经济学家都该把理论知识和实践运用相结合的导入进证券界。
从整个国际来看，机构投资者对证券市场的发展还是具有促进作用的。但在我国现发展阶段，这种作用局限性很多,需要更多的时间来验证和考察,这就需要我们更加学习和完善知识。
全文总体分为三个部分,第一个部分主要围绕概念和主题意义介绍来展开描述,通过国内外的研究成果来理解和了解我们所要研究的目标;第二部分则是运用数学模型和方程来解释到底机构投资者是如何影响金融市场,文中探讨到了羊群行为,及市场波动性,通过以上方法来简单诠释机构投资者对市场效率和稳定性的研究；第三部分则是对论文的一个总结。整篇文章主要分四章：
第一章是绪论，主要介绍本文的研究背景、研究意义、主要内容、研究方法。
第二章着重理论基础和概念解释，有对机构投资者的简单叙述定义，发展历程及其中出现的问题，还有国内外对该领域的研究动态。
第三章是运用数学方程来假设建立模型和在理论基础上进行分析，运用行为金融理论分析中国机构投资者投资行为的可行性；检验在账面市值比形成过程中机构投资者所起的作用，用机构投资者羊群行为对信息的反应为例来形象解释；研究动量交易与股票收益惯性效应之间的关系时，引入了两次模型，使用比较法来测试惯性效应，最后从市场机构持股比例的两个相对状态来考察市场的波动性。
第四章是论文的最后部分，主要是对研究成果的总结，包括研究结论，研究的障碍和未来研究动向。
关键词：机构投资者；市场效率；市场稳定性
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..
