全球主要股票市场投资者结构比较

Comparative Analysis of Shareholdings in the Domestic and Overseas Stock Markets

股票市场投资者的持股和交易结构是影响市场运行的重要因素,一直为市场各方关注,但长期以来由于数据来源、统计口径等差异,有关投资者结构的研究结论不尽相同。一方面,现有的统计分析多是基于彭博、路透等商业数据库获取的上市公司重要股东持股数据,不能完整地反映全市场的投资者结构;另一方面,一些研究将投资者的持股结构与交易结构混淆。为此本文系统梳理境外主要市场官方披露数据,并对境内外股市投资者结构做对比分析,最后总结对投资者结构演变的认识。

The structure of investor shareholdings and stock market trading are key factors in the market’s performance in China.However,due to the differences in data sources and statistical calculations,research conclusions on the investor structure vary considerably.Statistical analyses are mostly based on data on the structure of shareholdings in listed companies obtained from Bloomberg,Reuters and other commercial databases.These do not fully reflect the investor structure of the entire market.At the same time,some studies confuse the shareholding structure with the trading structure.To this end,this paper systematically assesses the officially disclosed data of major overseas markets and makes a comparative analysis of the domestic and overseas stock market investor structures.Additionally,the paper offers some insights on the evolution of investor structure.