投资者结构与证券市场的效率

证券市场的投资者由个人投资者和机构投资者构成。不同的投资者结构对一国证券市场的运行效率和定价效率产生不同的影响,一般来讲,投资者机构化是成熟证券市场的主要特征之一。本文对中美两国证券市场的投资者结构进行了对比,指出了由此产生的证券市场的运行效率,定价效率和价格波动性上的差异。最后,对如何完善我国投资者结构提出了几点建议。

Some Discussions on Formulating China's Security Market by Improving Investor Structure

The investor structure in the security market consists of two parts: individual investors and institution investors. Different investor structures have different influences on the security market's operating efficiency and pricing efficiency. Generally speaking, the institutionalization of investors is one of the features of a mature security market. This paper compare the investor structures in the security market in the United States and China and analyzes how the investor structure influences the security market's operating efficiency, pricing efficiency and fluctuation. Finally, the author puts forth some suggestions on improving the investor structure so as to formulate and develop China's security market.