流动性、风险收益与B股市场境外投资者行为

通过对B股市场的流动性、风险及国外投资者的投资动机进行了研究和度量后发现,B股市场对内开放的确加强了它的流动性,但是B股市场波动风险依然高于A股市场,且国外投资者投资B股市场受流动性变化影响不大,因为其他们投资的主要目的不是分散风险而是获取超额预期回报率。因而,在B股市场存废问题在短期内不能解决的情况下,加强B股市场管理,改善市场结构,对国外投资者的投资行为进行合理的监督和引导是完善B股市场的非常重要的举措。

Liquidity, Risk Returns and the Investment Behavior of Foreign Investors in B Share Market

This paper studied the liquidity,risk returns and the motivation of foreign investors in B share market.We find that the liquidity is higher than it was not opened to home investors,the volatility is still higher than A share market,and the change of liquidity did not affect foreign investors much.The first aim of foreign investor's is to earn high expected returns but not to diversify their international risk.Before the problem of whether we should keep the B share market or not is resolved,we should keep on supervising and managing the B share market,improve the market structure,and direct the foreign investors' investment behavior.