我国股票市场投资者结构研究

摘要

我国股市经过近三十年的发展，股票市场上的投资者结构已经发生了巨大的变化，并对股票市场的投资行为和股市的发展产生了重要影响。我国股票市场发展时间较短导致很多法规不健全，再加上行政干预，众多的投资者形成了具有自身特点的投资行为。在发展的过程中，不同类型投资者在股票市场上所占比例也发生了变化，如何准确的理解股票市场上投资者结构的变化及市场上的投资者所起的作用，并分析不同投资者为中国股市的下一步发展所带来的影响，是本文写作的出发点。

本文第一部分为绪论，阐述了研究的意义、现状以及研究思路。第二部分主要解释了股票市场投资者结构的变化，并通过这些参与者分析了中国股票市场上的各类投资者的特点，尤其是数量庞大的个人投资者的投资行为和心理状态，第三部分和第四部分论述了投资者结构的变化，以及我国股市在发展过程中所面临的一些问题，力图说明我国股市投资者结构的变化对股市的影响，以及股票市场上不同的投资者所起的作用，并结合美国股市的投资者结构转变，阐述了未来我国股票市场最理想的投资者结构。第五部分提出通过改变投资者结构来解决我国股市面临的发展问题，目的是通过分析个人投资者和机构投资者的作用，促进中国股市更加平稳的发展。

关键词：股票市场；投资者结构；个人投资者；机构投资者

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Abstract

After nearly thirty years of development in China's stock market, the structure of investors in the stock market has undergone tremendous changes, and has an important impact on the investment behavior of the stock market and the development of the stock market. China's stock market development time is short, resulting in many laws and regulations are not perfect, coupled with administrative intervention, many investors have formed their own characteristics. In the process of development, the proportion of different investors in the stock market has also changed. How to accurately understand the changes in the investor structure in the stock market and the role of the investors in the market, and to analyze the influence of different investors on the next development of the Chinese stock market is the starting point of this paper.

The first part of this paper is an introduction, describing the significance, status quo and research ideas of the study. The second part mainly explains the changes in the investor structure of the stock market, and analyzes the investors and their characteristics in the Chinese stock market through these participants, especially the investment behavior and psychological state of the large number of individual investors, and the third and the fourth parts of the changes in the investor structure, as well as me. Some problems faced by the stock market in the process of development, try to explain the influence of the change of the investor's structure on the stock market, and the role of different investors in the stock market, and explain the ideal investor structure in the future of China's stock market with the change of the investor structure in the American stock market. The fifth part proposes to solve the development problem of China's stock market by changing the investor structure. The purpose is to promote the more stable development of Chinese stock market by analyzing the role of individual investors and institutional investors.

Key words:stock market; investor structure; individual investor; institutional investor

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