商业经济与管理

文章运用行为金融理论对我国证券市场中机构投资者未能发挥稳定市场作用的现象进行了分析。研究表明,机构投资者并非天生就能发挥稳定市场的作用,只有在与机构投资者获取利益的行为目标相一致且其能力能够充分发挥的情况下,机构投资者才能真正成为市场的稳定者。机构投资者所处的环境也对他们发挥作用有很大的影响,如对机构行为绩效的评估和考核机制、机构投资者队伍的构成等。最后,文章对如何有效地发挥我国机构投资者稳定市场的作用提出了一些建议。

In general,institutional investors are believed to play stabilizing roles in securities markets.However,institutional investors fail to do so.This paper explores the reasons.We argue that only when there is a coincidence between the aims of institutional investors and stabilization of markets,can institutional investors do the good job!Some factors,such as the structure of institutional investors and the evaluation also affect their role.We also put forward a few pieces of advice on how to structure China’s institutional investors.