证券投资基金对证券市场质量影响的指标检验  

Indicator Test for Security Market Quality Influenced by Institutional Investors

作　　者：方丹[1] 

机构地区：[1]辽宁石油化工大学经济管理学院,辽宁抚顺113001

出　　处：《辽宁石油化工大学学报》2011年第2期86-89,共4页Journal of Liaoning Petrochemical University

摘　　要：在证券市场中,机构投资已经成为国际证券市场发展的特点。在我国证券市场不断发展的过程中,机构投资者在证券投资基金领域所持股份可达40%,其对市场质量的影响不断扩大。但是,投资基金行为对提高证券市场质量能否起到积极作用,还需要进行进一步的探讨。界定了证券市场质量的内涵,并选取其流动性及波动性来探讨基金行为对证券市场质量的影响,并检验引入机构投资者对增强市场流动性及降低市场波动性的有效性。最后得出如下结论:在非牛市市场中,基金行为能够对市场流动性的改善起到积极作用。Institutional investor has become the mainstream in the security market.With the security market developing,the shares that institutional investors hold reach 40% and the effect on security market quality is increasing.But wether the operation of investing fund can improve the market quality still need to further test.The security market quality was defined and liquidity and volatility were choosed as testing indicators to investigate the effect which funds cause in security market.Therefore the validity of institutional investors in securities market can be verified by enhancing the liquidity and reducing volatility.And the conclution is that in the non-bullmarket the operation of institutional investors can enhance the liquidity of market.

关 键 词：证券市场质量 流动性 波动性 指标检验 

分 类 号：F832.5[经济管理—金融学]