我国设立开放式基金对证券二级市场的影响分析

2001年是我国证券市场改革的关键一年,因为在加入WTO以后,国外资金将大量涌入我国的证券市场,这必将对我国幼稚的证券市场产生巨大的冲击。鉴于我国目前的投资者近90％都是个人投资者,证券市场监管部门在2000年就多次明确提出要积极培育机构投资者,并将超常规培育机构投资者列入议事日程,基金（开放式投资基金）是我国目前主要的机构投资者。然而,开放式基金的面市必将对二级市场产生重大的影响,这种影响关键在于开放式基金参与各方行为的理性程度,即基金管理人专家理财的理性投资策略、市场上投资者的投资与投机行为、监管部门的监管。

The Impact of Open-end Funds on the Circulative Makret

The year of 2001 has witnessed the great reform in China's security market. With the entry of the WTO, China will attract a great deal of foreign funds to invest China's immature capital market, which may bring a serious challenge to domestic security companies. The government has stressed in 2000 that it is necessary to develop institutional investors in order to change the present structure of about 90% private investors in our capital markets. At present the funds including open-end funds is the major institutional investors. However, the coming of open-end funds will have a great impact on the circulative market and these effects will rely on the behavior of open-end fund managers, different investors and governance administration go.