The Research About Chinese Institutional Investor's Expectation

From a view of Rational Expectation, this paper, on the basis of both theory and demonstration, analyses the status of Chinese Institutional Investor's expectation through studying the development status of Chinese Institutional Investors and draw a conclusion that Chinese institutional investor's expectation is at the phase of quasi rational expectation . The basic method adopted in the paper is to combine the theoretical analyses with the demonstration proof-test, while including the model of participant index.We divide the paper into four parts as follows: The first one is the theoretical background of the correlative research, which mainly includes basic concepts, basic expectation theory-especially rational expectation, the development process about the understanding expectation, the connection between the validity of securities market and rational expectation, and the simple presentation of the Institutional Investor's expectation research home and abroad.The second is focused on the theoretical analysis of the Chinese institutional investor's expectation, which mainly analyses the formation base, quality and character of the Chinese institutional investor's expectation on the basis of the development status of Chinese institutional investors.The third emphasizes on the demonstration research of the Chinese institutional investor's expectation. We select securities company, which is one of the biggest institutional investors in China as stylebook, use measure model to research the whole and the single institutional investor's expectation, check the results of the above theoretic analyses, and find out the problem behind the reality.The fourth is the conclusion and prospect. We summarize the whole research and analysis and bring forward the ideas about the formation of the institutional investor's good expectation...