The Development Of Asset Management Business For Securities And Futures Markets And Its Impact On Individual Investment Behavior

Because of the historical evolution of China's financial system,the formation of the banking,securities,trust and insurance systems provide the pattern of financial product and have their own functional position.At present,our country's securities and Futures Company are positioning as financial services,which treat commodity and financial market as a center,and to be a financial intermediary function of pricing,distribution and management of risk in the financial market.It plays an important role of the allocation efficiency of financial resources improving and the operation of the economy stable.The size of China's securities and futures market is too small.For example,in the stock market,the development of the market is faster,but from the overall scale,there is still a considerable gap between domestic and foreign securities and futures market with the absence of the main body.The incomplete of the main body for the securities and futures market in China is from the individual investment rather than institutional investment,so the quality and quantity of the investment are relatively low,and the proportion of institutional investors represented by the investment fund is obviously insufficient.In contrast to the United States and other developed countries,institutional investors become an important part of the securities and futures market.The securities and futures market of individual investors are the low income wage earners,and the major economic source of the family income is the wages.The period of securities and futures markets participation are generally short,but the securities and the investment intention is strong.Individual investors hope to make their own income diversification by property income and capital profit,but the relatively lack of investment experience,and the investment in stock market accounted for a large proportion,which fully shows that China's individual investors lack anti-risk ability.Therefore,market investors investing in the stock market has a strong dependence to the trend of the market.With the continuous reforming,innovating and adjusting of the financial system,China's asset management industry is facing an unprecedented development opportunities.As at the end of 2015,the total size of all types of asset management achieve 93 trillion yuan,an average annual compound growth rate is 51% over the past three years.The development of the asset management industry has an important strategic significance to improve the efficiency of the capital market,the boosting of economic transformation,the protection of financial investors' rights,interests and services.As of the two quarter of 2016,the banking business scale is more than 40 trillion.The trust is more than 17 trillion.The insurance scale is 16 trillion,the fund management scale is 7 trillion,and the securities asset management scale is 12 trillion(2013 is 5 trillion and 200 billion).The scale of financial securities industry is more than fund industry,but compared with the banking,insurance,and trust companies the a large gap still exist in the information management industry.The size of the stock accounted for about 13%.In the securities and futures markets accounted for about 30%(2013 this data is about 16%).In the development of the asset management business individual investors will be impacted.First of all,in the securities and futures markets,asset management institutions can grasp the information fully,in order to stay in a relatively favorable position,while individual investors lack of information,which lead to a relatively disadvantage.Second,asset management business institutions consider as investment behavior,and individual investors in order to maximize profit,which consider to take speculation during the investment.Third,the asset management business institutions increase the noise trading and aggravate asymmetric information.This relative advantages improve revenue of institutions.Fourth,the business of asset management institutions obtain benefits and reduce losses.Using capital,information and other relative advantages as a privilege affect the price of securities and futures market,and making the securities and futures market induced by individual investors in an illusion without knowing the truth of securities and futures markets before making the investment decision.Fifth,in asset management business the pursuit of price trends is driven by institution investors to promote the stock or commodity prices further away from its value,even create a bubble.Finally,individual investors are under the uncertain information,the asset management business will be impacted by institutional investment behavior.The initial investment decisions will be changed.This paper based on the changes of domestic securities and futures investors,following the logical order of "putting forward the problem-analyzing the problem-solving the problem" to analyze,which mainly through the research in the field of investment,and do the case studies on investment behavior analysis.Based on the analysis of the impact of business trends,the impact of development of the asset management business to individual investors,as well as the necessity of the main body swap in the market from individual investors to the asset management business investment institutions the and future investment strategies for individual investors.The conclusion has been drawn: in Chinese stock market,the institutional investors have not formed the dominant force yet.China's securities and futures market trading volume is mainly contributed by individual investors.Institutional investors trading ratio is still not high,but this situation is related with institutional investors use a large number of personal accounts.In the mature market,the backbone is the asset management institutions,but in China asset management is still in the initial stage.Although in recent years,the development of asset management business is rapid,the market is still smaller.However,with the expansion of the scale of the asset management,the influence of individual investors become more and more important.Analyzing the development of the asset management business and its impact on individual investors,the development of the asset management business and individual investment behavior transformation smoothly will be proved by practice in the future.