Study Of Institutional Investors, Market Access, The Legal System

Based on the aim that institutional investors can stabilize stock market and speed up the expansion of securities business, Chinese government has proposed the strategy of " transnormal development of institutional investors". Compared with those countries, which have developed securities business, the institutional investors in China, is inferior in terms of quantity, quality, scale and structure. Besides, the illegal manipulation of market is a common action among the institutional investors. As a result, the security circle and academe have argued a lot on this matter. In accordance with the point of view stated in this thesis, the problems appeared in the upgrowth of institutional investors and the contortion appeared in market function are just adaptable reactions to the current system and environment of the capital market in China. The current market admittance system in China is still branded with the marks of planned economy, and its character of contra-marketability is so prominent. The market admittance of institutional investors is the logic start of the supervision of market conduct, and its importance is self-evident. As a post-developing country of securities business, the Chinese laws that supervise the market admittance of institutional investors have to be changed in terms of their system. But where this system change leads to is directly related to the result of the upgrowth of institutional investors and the stability of the security market. Adopting the knowledge of multi-disciplines, and using many research methods of social science, this thesis analyzes and demonstrates the generative model which combines the spontaneity and consciousness of the institutional investors, the market admittance systems home and abroad and the legal value and legal principle of constructing the market admittance system. Besides, this thesis also focuses on the exploration of the right way through which the institutional investors in China should be upgrown. In accordance with the point of view stated in this thesis, the choice of the legal way,through which the institutional investors in China should be upgrown, must based on the principle of assuring the demand-and-need balance in Chinese security market, making the law by the standard of doing good to the social benefit, marking the boundary between government interference and market self-governance reasonably. At the meantime, it should handle the interactive relationship between the development of security market and the upgrowth of institutional investors well. This thesis is divided into 4 parts, with more than 40000 words. Below is the introduction of each part:The first part analyzes the come-into-being of institutional investors, thus demonstrates a result that institutional investor is a combined product of the spontaneous-choice of market and the conscious-choice of investor. Besides, this part compares and analyzes the connotational definition of institutional investor between China and countries with developed security market, thus proposes the writer's viewpoint of how to define the concept "institutional investor", analyzes the legal characteristics of institutional investor and lists the types of institutional investor.The second part mainly concentrates on the legal boundary of the market admittance of institutional investor, and analyzes the legal value and legal principle of the market admittance system. The construction of the market admittance system should represent the value of order, efficiency and fair. Furthermore, the construction of the market admittance system should be based on the principle of publicity, high-efficiency and moderate measure.The third part focuses on the analysis of the legal system of market admittance of institutional investor in China, Japan and America, applying various demonstrations. America is rich in experience in the field of upgrowing institutional investors, but its endowment insurance's intruding into market damages the demand-and-need balance of the security market. The market admittance system in Japan is characterized with the mutual-shareholding of the juridical persons and centralbanking system. The development of institutional investors in China presents characteristics of three phases; this situation is caused by the difference market admittance system in these three different phases. The current market admittance system in China has many limitations, which belong to both the macro system lay and the micro system lay.The fourth part explores the constructing way of the legal system of market admittance in China, combining the current situation of our country. As group investors, institutional investors in different types have different manners. This part firstly concentrates on the limitation of basic concept of the current market admittance system in China, then concretely designs the regulations which supervise the market admittance of different types of institutional investors. The upgrowth of institutional investor is a systematic work; so that in the re-construction of the market admittance system, we should balance the relative coordinate measures and the enforcement of measures of the below-listed four aspects.