The Development Of The Stock Market Institutional Investors And Countermeasures

Since the third quarter of 2001, the security market has been into the period of deep adjustment, while people are so pessimistic that they lost confidence in the security market. We think, the present problems are problems in its development stage; so, they are resolved only by means of development. For the present, the very "neck" is to be lack of normal institutional investors. Only when cultivating normal institutional investors at full speed could we make the security market prosperity and the national economy growth.This paper tries to discuss the institutional investors in the following five aspects:The basic situation of institutional investors in China;The presentation and inspiration of foreign institutional investors;The comprehensive perspectives of institutional investors in China;The economic analysis of institutional investors:The resolution to develop institutional investors.Chapter I describes generally institutional investors in China. After the concepts and classification concerned, it analyses their roles and influences on security market. Considering the present development, we think, it is inevitable to nourish forcefully normal institutional investors. Finally, we discuss much significance of theirs.Chapter II introduces the experiences of cultivating institutional investors in the Western as well as inspirations after the view of western institutional investors. Thereafter, take USA for example, it explores the hinge of developing Mutual Fund that investment tools and services innovate continually. As for institution, it emphasizes the functions of independent board system in fund circle.Chapter IE is a classification study in depth by investors in China. Combined with the hot issues present, it advances some initiatives views. Firstly, it is historical trend that opened-end fund substitute for closed-end fund, while the characteristic of former's high risk needs to be on the alert. Secondly, Facing WTO. the security companies should locate theirs and realize the second innovation by means of practice and capital reconstruction. Then, this chapter expounds insurance fund, social fund and privately-collected fund. At last, itdiscusses some main problems involved.Chapter IV introduces the theories of Game and Principal-Agent to analyze deeply the Game Equilibrium of the siders in the institution as well as between the institution and the administrator. It emphasizes the inner-control behavior and the institutional comparison of opened-end fund and closed-end fund.Chapter Vis logical incidence of this paper. It suggests basic indications; circling them, the part puts forward many resolutions and policy approaches; at the same time, fostering outside surroundings is lacked for.