浅析机构投资者持股对中国股市稳定性的影响

The Impact of the Proportion of Institutional Investors Holding on Chinese Stock Market Stability

在证券市场不断发展和完善的情况下,作为证券市场上集资本与技术于一体的机构投资者也得到很大程度的发展。在众多机构投资者中,代表投资者的证券投资基金发展更为迅速,证券投资基金作为具有独特风格的机构投资者之一,其行为对股市的作用愈发显著,引人注目。从不同的角度对我国A股市场证券投资基金持股比例与上证指数涨跌幅进行分析可知,在大多数情况下基金持股比例的变动与上证综指涨跌幅呈正相关关系,这说明机构投资者持股比例并未对稳定股票市场发挥较积极的作用。机构投资者有责任推动证券市场平稳良好的运行,同时使自身能在证券市场上更健康地发展。

In the case of continuous development and improvement of the stock market, on behalf of inves- tors in securities investment fund more rapid development, the role of the behavior of the stock market is becoming increasingly significant. The stock investment fund as one of characteristic institutional inves- tors, its behavior is obvious to the stock. By studying the proportion of fund＇s holdings of stock investment of Chinese A-share market and the Shanghai Composite Index rose decline practiced description and em- pirical analysis, in most cases, changes in the proportion of the fund＇s holdings and the Shanghai Compos- ite Index rose decline was positively correlated, indicating that the proportion of institutional investors holding the stock market was not stable. Institutional investors have the responsibility of promote the smooth function of the stock market and develop itself in stock market.