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On a global scale, institutional investors in the capital market plays an increasingly important role, the proportion of the market value of shares increased year by year. According to the statistics of the New York Stock Exchange, as of the end of 2007, securities investment funds, insurance companies and pension funds and other institutional investors held 46% of the total share capital of the New York Stock Exchange, the Tokyo Stock Exchange in Japan this proportion reached 42 %. In particular, the development of mutual funds more quickly, the size of the global mutual fund growth from the end of 1990 to $ 2.35 trillion to $ 26.2 trillion in the end of 2007, its annual growth rate of about 15.22%. From the point of view of the total size of the end of 2007, mutual funds accounted for half of the global market. However, the growth of institutional investors, whether a stable share price, play a role in stabilizing the market? International theoretical and empirical research to form firm conclusions. Generally believe that the pursuit of profit as the ultimate goal of economic, institutional investors itself is not stable market instincts and may even be illegal to chase profits, thereby causing greater volatility in the market. Many times in history of the mutual fund scandal is evidence of this. China's securities market has experienced 17 years of development history, which one of the most prominent problem is the instability of the market development, the speculative atmosphere, the stock index rises and falls, the stock turnover is much higher than the international average. Management and theoretical circles One reason is that China's securities market to small and medium investors, the lack of institutional investors. Since 2002, the securities regulatory authorities of the policy orientation of the unconventional foster institutional investors, and implemented in practice. According to the data show that at the end of 2007, the market value of shares of domestic institutional investors accounted for float-adjusted market capitalization ratio is close to 50%, while an important participant as capital markets, improve the investment the main structure, stabilize the market, actively traded, promote corporate governance and even promote competition and efficiency of the financial system have played an important role, in particular, the extraordinary development policy support securities investment funds. As of the end of 2007, China has a fund of 59 346 managed funds, assets under management 2233900000000 fund net value of 3.2762 trillion yuan, the proportion of the market value of the fund's holdings total market capitalization reached 28%. Can be said that, along with the rapid development of China's capital market and securities regulatory authorities to support the extraordinary development policies of institutional investors, institutional investors have replaced individual investors to become the most important investment in the main body of China's securities market, the investment behavior of the market increasing influence. In October 2000, the famous \and \The paper also expressed doubts about the independence of the fund, that is likely to occur Fund its issuer - brokerage services, securities firms of a certain stock pulled high, and then sold to the Fund, the Fund to take over. From this cause people to doubt the role of the fund to stabilize the market, the Fund's market image has been severely tarnished. At the same time, scholars began to study whether to increase the stability of the securities market on the institutional investors in China. However, broke out again in 2006, Hua An event that shady fund has aroused people's visual fatigue no longer was raised, but in reality a few years ago, shady fund \conventional development, China's fund industry has not changed its inherent intrinsic nature. Contribute to the stable development of the securities market or exacerbated by the fluctuations of the stock market? Parties scholars are more and more institutional investors, however, the conclusion is not the same as, or even very different. With this question, we take a combination of theoretical analysis and empirical research, qualitative description and quantitative research method of combining institutional investors in China, on the basis of fully draw on the results of previous studies, both theoretical and empirical market stability The role of the analysis and inspection. The innovation of the text that empirical research examines the data of 2002-2007, a wider range of data, including a declining market, adjustment and up the entire cycle, a more comprehensive analysis of the relationship between institutional investors and stock price volatility. The main contents include the following: First, both positive and negative stable securities market from institutional investors, domestic and foreign scholars institutional investors whether to strengthen the stability of the stock market research results were reviewed, and the lessons are drawn from the debate. China's securities market has experienced 17 years of development history, whether it is the development of the securities market, or the development of institutional investors have made a lot of progress. In particular, institutional investors, from scratch, from there to the market dominance can be said that in the capital markets to accelerate the development and the extraordinary development policy support, institutional investors scale rapid expansion, especially investments in securities funds. However, due to the unreasonable structure of institutional investors, the slow development of the social security funds, insurance companies, etc.; improve the external regulatory framework for institutional investors and internal corporate governance structure is not in place; institutional investors to profit-oriented nature make it no tendency to stabilize the stock market, all of these reasons have led to the development of institutional investors in China is destined to experience ups and downs, but should play its role to stabilize the stock market is a matter of course did not get. Second, by reviewing the course of development of China's institutional investors, induction summarizes the characteristics of the various stages of development, and analysis of the status quo. Scale, institutional investors on the securities market plays an important role, but institutional investors imbalance in economic development, the development of the social security funds, insurance companies and other institutional investors needs further development. Third, from the theoretical analysis of the relationship between stock price volatility and institutional ownership. The basic driving force of the stock price volatility from changes in supply and demand relationship, the relationship between supply and demand is mainly based on macroeconomic and operation of listed companies new information role. Of the rise in the stock market, institutional investors with information superiority and advantages of scale, as well as the demonstration effect, held the stock price may be more timely response to information, the greater the rate of increase, resulting in more volatile; period of decline in the stock market and adjust period, institutional investors held more excellent performance, sound management, large-scale and thus anti-risk ability of the stock, that is due to the stability of such stock to determine the proportion of institutional ownership. Fourth, the empirical tests show that the market is in a different time period, institutional investors, market fluctuations differences may exist. Study found that at this stage in the A-share market, the volatility of the participation of institutional investors and the Shanghai Composite Index no significant negative correlation between general and specific performance of the shareholding participation of institutional investors in the stock market downturn and the consolidation period is indeed help reduce price volatility and increase the volatility of the stock market, but quickly pulled up the stage. Finally, for how to improve the role of institutional investors a stable market development in China, the paper proposed some suggestions to help the healthy development of the securities market, as well as an increase in domestic research in the field. First, to promote the diversification of institutional investors. The increase in the types of institutional investors, will form the the differentiated preferences of different institutional investors, investment decisions differentiation can effectively avoid the herding. In the process of development of institutional investors in China, the social security fund insurance funds and QFII institutions to enter the market one after another, but the extraordinary development of securities investment funds, leading to uneven development of China's stock market institutional investors, this situation is not conducive to market stable. Therefore, further adjust and optimize the structure of institutional investors in the development of the overall size of the growth of institutional investors at the same time, change the rapid development of securities investment funds, corporate annuities, social security funds and other institutional development is lagging behind the situation. Constantly improve the policies and systems continue to expand insurance funds, proportion and scale of enterprise annuity and social security fund capital investment of capital markets, encourage and guide the pension as the representative of long-term institutional investors to enter the capital markets, a diversified, multi-level, competing specialized institutional investors. Secondly, to strengthen the supervision of institutional investors. Institutional investors maximize their own interests to increase the tendency of market volatility, at the same time, we must strengthen the regulation of the behavior of institutional investors, in order to prevent the transfer of benefits and market manipulation behavior. Through the establishment of a scientific and efficient market system, as well as a series of laws and regulations to regulate and constraints of the behavior of institutional investors, enabling them in an orderly environment for the operation of the securities market, in order to better play the role of stabilizing the market. Third, to strengthen education for ordinary investors. Institutional investors actively play professional advantage, improve the relevance and effectiveness of investor education. Through innovative education and broaden the educational channels, improve the working mechanism, to further the education of investors into the institutional investors in the operation and marketing of all aspects of the guide investors to establish a correct concept of financial investment, to guide its long-term value investing, avoid each kinds of short-term speculation and speculation, thereby enhancing the stability of the stock market. Fourth, continue to promote the degree of internationalization of institutional investors. The one hand, actively and steadily promote institutional investors to invest abroad, to participate in the global capital markets, on the other hand, continue to the introduction of QFII work to strengthen the cooperation and competition of China's institutional investors and mature markets, learning the mature markets of the international institutional investors philosophy, investment skills and a variety of advanced management experience. Overall, the gradual growth of institutional investors is the trend, increasing its role in the capital market, the positive effect of institutional investors how to improve our regulatory authorities, the majority of scholars, and investors need to seriously study the important issue of the future there are still many difficulties we need to overcome, I believe that the road ahead is not flat, but the future is good.
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