【作者】 马超；

【导师】 佘传奇；

【作者基本信息】 安徽大学 ， 金融学， 2010， 硕士

【摘要】 我国资本市场严重缺乏投资文化和股权文化,制度和体制上的不健全制约了资本市场走向成熟、规范的脚步,由此造成了投资者特别是中小投资者缺乏价值投资和长期投资的正确理念。内幕交易、市场操纵、羊群行为等一系列行为的出现,严重扰乱了我国资本市场发展的进程。从行为金融学的角度出发,个人投资者的投资决策存在很大程度上的非理性,而在我们的政策、法规没有权利也没有办法从根本上规范个人投资者的行为时,很难避免这些非理性行为的出现,资本市场规范发展便很难实现,金融市场不稳定和波动也属正常。从经济学的角度分析,在市场完备、有效的假设下,所有理性经济人在追求自身利益的同时,能够实现一般均衡,而此种均衡在有效的市场机制下是市场长期自行调控的目标,市场的自行调控也无需过多的监管。这种均衡和追求均衡的自我调整是一种稳定和追求稳定的体现。所以,我国资本市场真正缺乏的是完善的市场机制和理性的投资者。鉴于我国资本市场发展历史的短暂,市场经济改革正处于初始阶段,完善的市场机制只是一句空话,我们能做的只是通过政策、法规的控制、协调和监管,为金融市场创造一个基本安定的发展环境,而我们的政策、制度也需不断配套、完善。所以在现阶段,我国资本市场只有通过培育理性的投资者,才能逐步具备后续发展的必要因素和动力。由于个人的理性受到各种因素的限制,也很难规范,所以我国正大力提倡发展专业的机构投资者,通过专业运作、规范经营、规模效应和信息充足等优势,逐步将个人吸收成为机构投资者的委托人,逐步将众多零散投资者的不理性升级为机构投资者的理性,从而逐步将资金和信息优势转变为稳定的投资回报率,所以大力发展机构投资者已成为我国资本市场发展的一个主旋律。作为资本市场上最为重要的专业机构投资者,基金业近年来取得了令人瞩目的成就,而众多的基金品种中,证券投资基金因其市场规模和占有率已成为基金中最主要的机构力量,凭其社会影响力已成为所有基金的代名词。然而,以证券投资基金为主的机构投资者还没有形成足够的合理竞争力,差异化竞争还不明显,基金业面临着前所未有的竞争压力。中国金融体制和金融市场不成熟,基金公司运作和管理不规范,基金业绩和市场表现较差、收益率较低,中国投资者不信任、不投资,种种因素均导致基金本应具有的优势和作用难以发挥。但上述特点已是现状,我们必须在这些现状中分析存在这些问题的原因并积极地寻求有利于其增长的因素,逐步完善其市场机制、经营机制和管理机制,才能真正地解决问题。而众多因素中,个人理财市场的巨大增长潜力将为证券投资基金带来强劲的市场需求、资金供给来源和发展空间。这是因为,在个人理财中,投资理财是核心,投资理财中资金、资产的安全性和收益率将决定着其他理财目标的实现与否。而在家庭或个人投资理财中,基金尤其是证券投资基金是能够在安全性、流动性和收益性三方面满足个人理财需求的最优投资工具,所以个人理财市场的兴起、发展和繁荣将为证券投资基金业带来巨大的市场潜力,证券投资基金如何调整以适应个人理财业务的发展是值得研究的问题。在本文的研究过程中,还存在着诸如金融机构分业经营所产生的金融机构间的协调问题和代理问题,银行理财产品和基金产品的对比和选择问题以及对理财运营模式和金融分业合作的探讨等一系列问题。更多还原

【Abstract】 The capital market of our country is short of investment culture and stock ownership culture. And the deficiency in system and structure restricts the pace of capital market becoming mature and normative, leading the failure of setting up investors’ methodology on value investment and long-term investment. Insider trading、market manipulation、"herd behavior" and other improper behaviors seriously disturb the development of our nation’s capital market. Base d on the Behavioral Finance Theory, personal investing decisions show irrational to a great extent. When not able to restrain the behaviors of personal investment based on our policy and regulations, we can not prevent these irrational behaviors and realize the advance of capital market normally. Therefore, the financial market unsettled and market fluctuation also is unavoidable.From the economic analysis, under the assumption of perfecta and efficient market, rational economic man pursue self-interest and reach a general equilibrium, which is exactly the goal of market’s automatic adjustment under the efficient market mechanism. The kind of automatic adjustment does not require more supervision. The general equilibrium and self-adjustment seeking to equilibrium reflect a kind of stabilization and stabilization seeking. In this sense, the capital market of our country lacks a thorough market mechanism and rational investors. Since the history of our capital market is short and reform of market economy has still been in its preliminary stage and therefore, perfect market mechanism is just an empty talk. The only we can do is to create a basically stable development environment for finance market through policy\regulations control and coordination which still need improving.So currently, only by fostering rational investors can our country be equipped with necessary elements and impetus for follow-on development. Since restricted by various kinds of reasons, Individual rationality is difficult to control. As a result, our country is encouraging to foster professional institutional investors, making the individuals become clients of institutional investors and make them become the rational investors by the advantages on professional, normal operation, scale effect and sufficient information. From this point, cultivating institutional investors has already become the theme for capital market development.AS the most important professional institutional investors, fund industry has obtained great achievement. In numerous fund varieties, securities investment funds has become the leading institution element in funds market on account of market size and market shares and gradually being the pronoun of all funds by virtue of its social influence. However, institutional investors largely constituted with fund management corporations fail to establish a sufficient competitive force. Differentiation Competition is not obvious and fund industry is faced with unprecedented pressures. The immaturity of China’s financing structure and finance market, informality on funds’ operation and management, the bad performance of fund and its low yield rate, distrust of investors and other related factors result in that the merits and functions funds own are unable to exert.Based on the recent situations mentioned above, we have to analyze the reasons hidden behind them, actively seek to the ones that benefit its growing and gradually improve the market mechanism, operation mechanism and management method. That would be to solve the problem. In multitudinous reasons, the great growth potential in Personal finance market will bring about the securities investment funds with tremendous market demands, capital supply sources and development potential. Since, in personal finance, Investment &Financing is the core. Also, the safety and yield rate of capital and property will decide whether the other financing goals would realize. In family finance or private finance, especially, the securities investment funds is the best investment vehicle that can satisfy personal finance demands in safety, liquidity and profitability, so the market arisen, development and prosperity of personal finance market will produce a huge market potential for securities investment funds market. How to adjust to personal finance business for securities investment funds deserve further analysis. During the process of my study, there still exist some problems just like the coordination problem and agency problem among different finance institutions because of their separate operation, contrast and choice problems from Bank financial products and funds products and discussion on finance operation model and separate services’ cooperation.更多还原