证券市场机构投资者投资行为分析  

The Analysis of Institution Investo's Behavior in China Securities Market

作　　者：杨墨竹[1] 

机构地区：[1]东北财经大学金融学院和金融工程研究中心,辽宁大连116025

出　　处：《金融研究》2008年第8期133-144,共12页Journal of Financial Research

摘　　要：本文基于信息经济学和行为金融学的框架,考虑信息成本和投资者的有限理性,建立模型进行分析。通过实证研究进一步发现,中国证券市场的机构投资者的投资行为趋于价值化、长期化,而且上市公司质量、政府监管、机构投资者数量和中小投资者的学习能力对机构投资者的行为均有重要影响。基于实证结论和我国现实情况,提出相关建议。Basing on information economy science and behaviors finance science, the author constructs a model and makes further analysis, considering cost of the information and the investor＇s adaptability and limited ration. Through the empirical research, the author finds that behavior of institution investor in China securities market tends to seeking investment value and making long-term investment. The author also finds that other factors, such as the quality of listed company, supervision of the government, quantities of institution investors, the a- bility of individual investors to learning from others and etc. have important effects on the behavior of institution investor. On the base of this paper＇s result and our country＇s existing conditions, the author proposes relative advices.

关 键 词：机构投资者 行为金融 实证分析 

分 类 号：F832.51[经济管理—金融学]