| The investor structure mainly composed of private investors is always considered as the primary reason for acutely fluctuating of security market in china. So, the policy on trans-normal cultivating institutional investors was put forward by the department of supervising securities in 2000. In the direction of this strategic policy, the institutional investors have been developed in scale and quantity, which makes the investor structure improve in a great extent. By the superiority on capital, information and dimensions, the institutional investors lead the investing concept of the market. With the grandness of institutional investor contingent, the concept of value investing as a more mature investing concept in the developed country, was introduced into china and canonized by the majority of institutional investors. But compared with other security market, the value investing concept puts up the different character of the behavior in a short history market of china. The essential factor which determines the institutional investors'value investing behavior rests with the investment value of the securities market. In resent years, there are much more studies on investment value of the securities market and value investing of institutional investors, while short of comprehensive and systematic analysis.On the basis of analyzing the developing actuality of the Chinese securities market, the average intrinsic value of all the listed corporations was calculated by the F-O model based on book value and residual earnings. The calculating result shows that the price approaches to the value investing zone, namely the investment value of the Chinese securities market has been emerged in some extent. And then, the logarithmic regression model was built on the correlation between the holding share of the institutional investor and four value indicators of stocks. The result of empirical research suggested... |
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