股票市场投资者结构国际比较研究

本文梳理了A股市场与相关国家(地区)股市投资者结构的现状,探讨这些市场投资者结构的演变路径、以及促成这种演变的主要因素。基于境外主要市场投资者结构演变及政策措施的经验教训,本文提出改进A股市场相关制度的六点政策建议:第一,从更宏观的政策层面入手,改进上市公司结构,增厚上市公司利润,以增进A股市场的长期投资价值;第二,着力培育和鼓励大体量资金机构进入股市;第三,有必要继续扩大海外合格机构投资者资金规模;第四,完善金融产品供应,适当放宽交易规则约束,使机构投资者有更多工具和交易方式参与市场交易;第五,在个人投资者方面,监管部门需要适度转变监管理念,进而改进相关交易规则,鼓励个人投资者以合理方式理性参与股市;第六,创新税收激励机制,合理引导个人投资者。

International Comparative Studies on the Investor Structure of Stock Market

This paper reviews the status of investor structure of the A-share market and the relevant stock markets,and discusses the relevant stock market investor structure evolution paths.Based on the evolution of investor structure in the stock market of relevant countries and regions,as well as their related policy practice experiences and lessons,this paper puts forward six policy suggestions on improving the A-share market:First,from a macro policy level,it is essential to improve the structure of listed companies,thickening the profits of listed companies,so as to enhance the long-term investment value of A-share market.Second,regulatory authorities should foster and encourage large-volume capital institutions to enter the A-share market.Third,it is necessary to continue to expand the proportion of overseas QFII or RQFII funds in the A-share market.Fourth,regulatory authorities should improve the supply of financial products,appropriately relax trading rules,and give institutional investors more tools and trading methods to participate in market transactions.Fifth,in terms of individual investors,the regulatory authorities need to change the regulatory philosophy appropriately,as well as improving relevant trading rules,to encourage individual investors to participate in the stock market in a reasonable and rational way.Sixth,it may be helpful to innovate tax incentive mechanism to guide individual investors.