大力发展机构投资者 建立有效的金融体系

机构投资者是金融服务业的重要组成部分，发展机构投资者对促进我国资本市场健康稳定发展、完善我国金融体系和实现国民经济发展和远景目标具有十分重要的意义，是建立现代金融体系以及社会主义市场经济体制的客观要求。     

机构投资者与我国证券市场的发展

机构投资者与我国证券市场的发展贾晓梅机构投资者是指具有法人资格的以其所能利用的资金在证券市场上进行各类股票和债券投资的机构。与一般的投资者不同的是，机构投资者是由投资专家管理，在特定的法律规范限制下，将资金百分之百地用于投资，并且多为长期性投资。一般...     

机构投资者的行为模式与资本市场的稳定发展

传统的金融理论中有关投资者行为模式有两个假设前提: 一、投资者在最大化他们所拥有的证券组合价值时所采取的行为模式是没有偏差的.     

论我国机构投资者的培育和资本市场发展

机构投资者作为发达国家资本市场的中坚力量,对促进资本市场的发展发挥了巨大作用。与国外相比,中国的机构投资者发展水平还比较低,在规模和结构上还与发达国家有较大差距,从而导致资本市场过度投机等诸多问题,阻碍了资本市场的进一步发展。要促进我国资本市场进一步发挥其功能,就必须重视培育机构投资者,通过机构投资者的发展促进资本市场的长足进步,为国民经济健康发展做出贡献。     

完善税收政策，促进机构投资者发展

中国证监会副主席姚刚2008年2月28日表示,机构投资者是中国资本市场健康发展的重要力量,中国将进一步大力发展机构投资者,促进资本市场健康稳定发展。     

中国资本市场机构投资者功能缺位问题研究

本文从投资战略扭曲、机构合谋和内幕交易两个角度分析了机构投资者功能缺位问题。并用有效市场理论解释了机构投资者功能缺位的原因。最后提出相关政策建议。相信本文的研究有助于投资者对机构投资者的本质会有更深刻的了解。     

资本市场发展与家庭金融资产结构变迁互动关系研究——对机构投资者发展的一个理论解释

资本市场发展与家庭金融资产结构变迁之间的互动规律无法用简单的因果关系概括,从本质上说,两者是螺旋式前进、相互推动、相互促进的发展规律:家庭部门的决策变化作为需求力量推动了资本市场供给的变化;而资本市场供给本身,又引致了家庭部门多样化的金融资产需求。透过两者螺旋式前进的轨迹,我们提出了对机构投资者整合资本市场供给和家庭部门投资需求的功能解释,并提出了对我国机构投资者发展的政策建议。     

中国机构投资者投资行为的异化

在我国机构投资者迅猛发展的同时,其投资行为也在发生异化,与政府和市场的最初预期产生明显的偏羞。机构投资者投资行为的异化典型地表现为：短视行为、羊群行为、处置效应和违法违规行为。机构投资者投资行为的异化严重扰乱了证券市场的正常秩序,加剧了市场风险的累积。中国证券市场的非理性波动其实并非由非理性的个人投资者所引起,而正是由行为相对更为“理性”的机构投资者（他们构成了庄家的大部分）所引起。     

Market Behavior of Institutional Investors around Bankruptcy Announcements

This paper examines, using proprietary ASX data containing institutional holdings, if institutional investors exit en mass prior to announcements of financial distress. Evidence indicates that while some institutional investors exit the stock, the withdrawal is gradual, commencing approximately 115 days prior to event. This is driven by active institutional investors reacting to the release of the financially distressed companies’ last publicly released financial reports. There is no significant decline in institutional holdings before announcements; most institutional investors hold financially distressed shares through to failure. There is evidence that the lack of disclosure drives the increase in information asymmetry prior to company failure.     

国际期货市场机构投资者的发展及借鉴

期货市场上的机构投资者主要有期货投资基金和对冲基金，证券公司或投资银行、养老基金、共同基金以及商业银行等机构也是重要参与者。本文介绍了参与国际期货市场的机构投资者的投资特点、在不同市场投资所占的比重和发挥的作用，分析了期货市场机构投资者的类型、发展及与现货市场机构投资者及期货公司之间的关系，并为中国期货市场机构投资者的发展提出了相关建议。     

Institutional Investors, Analyst Following, and the January Anomaly

Average stock returns for small, low stock price firms are higher in January than for the rest of the year. Two explanations have received a great deal of attention: tax-loss selling and gamesmanship. This paper documents that seasonality in returns is not a phenomenon observed only for small firms' stock or those with low prices. Strong seasonality in excess returns is reported for a sample of widely followed firms. Sample firms have unusually low excess returns in January and returns adjust upward over the year. These results are consistent with the gamesmanship hypothesis, but not the tax-loss-selling hypothesis.     

Institutional Investors, Analyst Following, and the January Anomaly

Average stock returns for small, low stock price firms are higher in January than for the rest of the year. Two explanations have received a great deal of attention: tax-loss selling and gamesmanship. This paper documents that seasonality in returns is not a phenomenon observed only for small firms' stock or those with low prices. Strong seasonality in excess returns is reported for a sample of widely followed firms. Sample firms have unusually low excess returns in January and returns adjust upward over the year. These results are consistent with the gamesmanship hypothesis, but not the tax-loss-selling hypothesis.     

The Distribution of Information among Institutional and Retail Investors in IPOs

This study examines investor performance in IPOs using a unique database comprising 85,384 investors and 29 offerings from Finland. The evidence indicates that on average institutional investors do not obtain larger initial returns than retail investors, as the incentive to acquire information is limited by allocation rules which favour small orders. This result is in contrast to findings by Aggarwal et al . (2002), who show that institutional investors perform better in a bookbuilding environment. Within each investor category, however, large orders are associated with the best performance, suggesting that information differences figure more importantly within rather than between categories.     

机构投资者独立性对代理成本的影响

本文以2006~2009年沪深两市A股上市公司为样本,在根据投资目标对机构投资者进行类型划分的基础上,探讨了机构投资者独立性对代理成本的影响。研究发现,独立机构持股比例越高,公司管理层代理成本和控股股东代理成本越低,而非独立机构持股对两类代理成本影响有限。在进一步考虑了控股股东持股比例的影响后,发现独立机构持股在控股股东偏好控制权私有收益的情况下更能降低管理层代理成本,表明在此情况下,独立机构对管理层自利行为有更大的监督作用。     

Assessing Credit Rating Agencies by Bond Issuers and Institutional Investors

We examine how a sample of publicly traded corporate bond issuers and institutional investors assess the four major nationally recognized rating agencies and their role in capital markets. The results show that issuers and investors differ dramatically in their assessments about rating agencies. Specifically, the majority of institutional investors require only one rating when they buy rated corporate bonds, but most issuers obtain two or more ratings. Issuers and investors also differ in their assessments about whether ratings accurately reflect creditworthiness and timeliness. The results suggest that differences reflect the different roles that rating agencies provide in the market place.     

机构投资者与上市公司会计信息相关性分析

本文从机构投资者与会计信息相关性之间的联系来说明机构持股在公司治理中的作用。本研究以1999～2002年深市A股为样本，研究发现，在样本时间区闸内会计信息相关性与机构持股比例相关性不明显；从年度样本研究发现，随着机构持股比例增加，会计信息相关性增强，说明近年求机构投资者已参与公司治理，并发挥一定怍用。     

机构投资者对IPO定价效率的影响分析

本文通过对沪深两地1996～2006年A股市场IPO样本的研究发现：IPO抑价率与IPO政策变量及机构投资者参与程度显著负相关。机构投资者参与询价和发行配售，对IPO抑价率的降低起到了显著作用，有利于提高市场发行定价效率。总体上看，现阶段中国A股发行市场定价效率仍然偏低。高抑价率的主要原因在于行政管制使股票发行人和承销商的议价能力发挥不足，根本原因还在于发行制度市场化程度不高。     

机构投资者的治理角色——过度投资视角

本文以2007~2009年我国上市公司的过度投资行为为背景,考察机构投资者持股对过度投资的治理角色。研究结果表明,机构的期末持股比例、长线型机构投资者尤其是长线型基金与过度投资显著负相关,表现为有效监督者的角色;短线型机构投资者则缺乏公司治理的意愿和动机,表现为利益攫取者的角色。研究结果意味着,我国的机构投资者同时具备有效监督者和利益攫取者的角色,何时表现出何种角色取决于持股比例以及持股时间。