机构投资者与资本市场波动

本文对机构投资者如何引起和加剧金融市场波动的原因进行了分析,这些原因既有机构投资者自身的投资行为方面的,也有委托-代理问题所引起的,还有由投资者推动的,以及由监管和制度设计方面的缺陷所造成的问题。本文还对国际机构投资者投资新兴市场所引起的金融动荡进行了分析,并对如何引导机构投资者向有利于金融市场稳定的方向发展提出了建议。

nstitutional Investors and Capital Market Fluctuation

The article analyzes how and why institutional investors evoke and intensify the volatility of financial market. It not only concerns the behavioral pattern of institutional investors, but also refers to issues derived from principal-agent paradox, boosted by investors, and resulted from defects in supervision system design. The article also analyzes the financial turbulence caused by investments of international institutional investors in emerging markets. Finally, it puts forward suggestions that lead institutional investors to keep financial market stable.