| Since the 20th century 70's, along with the financial industry social division of labor unceasing evolution, institutional investors, for example the superannuation fund, the insurance fund and the investment fund are developing rapidly. On the main capital market in the world institutional investor's proportion have increased unceasingly. The changes brought the right of capital property ownership daily centralism. And the mature degree of capital market is higher, the trend of investment institutional development is more remarkable. Thus this tendency has initiated the theorists to pay attention to institutional investor more and more. In the present era with financial globalization and economic integration, institutional investors are gradually changing the structure and the behavior of financial market. As the two principal part of financial market, the relations between institutional investor and corporation are changing subtly. The changes not only effect certain developed countries and area, but also are accepted in reforming country and developing nation as one kind advanced system. However, these changes came too swiftly and violently, so that people has not enough time to discern the possible influence brought by these changes. Therefore its real effectiveness is worth studying.Although China's capital market established several years, it develops rapidly and has become the indispensable important constituent in the national economy life. In recent years in the capital market, with the demonstration of rapid development of institutional investors in the developed country, China Securities Regulatory Commission proposed that we should develop institutional investors transnormally. With the development mentality, in recent years institutional investors in our country, for example securities investment fund, are developing rapidly. In 2005 at the fourth session of Chinese negotiable securities investment fund international forum, the president of China Securities Regulatory Commission, Shang Fulin, indicated that, at present institutional investors of our country develop rapidly, the scale of negotiable securities investment fund grows with steady steps, the standardization level of behavior of principal part in market enhances unceasingly, the whole fund industry is healthily developing. At the same time, all kinds of institutional investors, QFII, insurance fund, society guarantees fund, enterprise annuity and so on are developing day by day. The multiplex pattern of institutional investors has been initially formed. These promoted securities market standard to develop healthily and steadily. However, with developing greatly, whether the positive influence of institutional investors on capital market for example maintaining market, promoting financial innovation, optimizing corporate governance is realized is actually is worth considering deeply. Simultaneously people discover that institutional investors have some problems, some are unexpected new problems, and some are unsolved problems repeating on some new institutional investors. Institutional investors' negative influence brought market suffering intermittently. To frail capital market in China, this is just like originally one misfortune after another. Because of this people have to ponder the problems about institutional investors carefully. This time we only then discovered that actually we have no comprehensive and systematical research to institutional investor's function, influence and mechanism.Since long ago economists universally has not taken investors' behavior in analysis frame of capital market efficiency as an important variable. Therefore this not only caused one-sided understanding on capital market efficiency, but also caused economists to neglect the influence of institutional investors on capital market. Until behavior finance theory rose gradually in recent years and challenged mainstream finance theory, it is discovered gradually that institutional investors' behavior in fact had the significant influence on capital market efficiency. More and more economists realized that institutional investors' behavior might influence the negotiable securities price enormously.Therefore there is necessity to rearch systematically and comprehensively the influence of institutional investors on capital market efficiency. Based on the consideration this article will research the question for the purpose of analyzing comprehensively the true influence of institutional investors on capital market efficiency. I hope the study can help to promote capital market in our country to develop healthily, promote institutional investors to display positive role to Chinese capital market efficiency, and realize the benign effect on each other between institutional investors and Chinese capital market.The article is divided eight chapters.The first chapter introductory introduced the background and the significance of the article, present situation of the domestic and foreign research on interrelated question. And this chapter also elaborated the object of the study, the research methods, the innovation and the deficiency of this article.The second chapter elaborates the theory of capital market efficiency. On the foundation of analyzing the definition of efficiency, economic efficiency and capital market efficiency of traditional economic and new system economic, the article defined newly the conception of capital market efficiency. The conception was defined as the characteristic performance and the degree of function realized by collecting fund in capital market, thus guiding resources allocated effectively and promoting the maximization of social welfare. On this foundation the level that capital market efficiency contains has been divided into three levels :operating efficiency, pricing efficiency and allocating resources efficiency. Simultaneously it has constructed a new weighting capital market efficiency system. We reviewed effective market hypothesis and theory developed after that including, financial noise theory, behavior finance theory, fractal market hypothesis and coordinated market hypothesis and so on, which belong to capital market efficiency theory.The third chapter elaborated the signification, classification and economical legal characteristic of institutional investors, defined newly concept of institutional investors, which been defined as the non-personalized institution that invest own fund or capital raised by financial tool to various creditor's rights tool or the stockholder's rights tool in capital market. Simultaneously it discussed the type and respective characteristic of institutional investors. It also analyzed the economic and legal characteristic of institutional investors and pointed out that institutional investors are one kind of set investment, which are one kind of contractual relationship in law, institutional investors have two levels of contractual relationship which is the quite special, principal-agent question of institutional investors is a key aspect understanding its behavior.The fourth chapter analyzed the influence of institutional investors on pricing efficiency of capital market. On the foundation of analyzing the essentiality of pricing efficiency capital market, it analyzed theoretically the influence of institutional investors to capital market pricing efficiency in the frame with three kinds of different rational degree supposition: rational anticipating balance theory, not rational odd dealers and rational institutional investors, rational odd dealers and limitedly rational institutional investors. And it expounded that the rational degree of institutional investors decided the influence on pricing efficiency of capital market. Then through selecting our country correlated data, by using the GARCH model to analyze the ability of forecasting market of institutional investors in our country, judged the rational degree of institutional investors in our country. On this foundation relating rational anticipating theory and behavior finance theory we discussed the influence of institutional investors on pricing efficiency of capital market, and pointed that limited rationality of institutional investors causes pricing efficiency of capital market to be weakened in reality. Then it analyzed the reason of limited rationality of institutional investors.The fifth chapter analyzed the influence of institutional investors on allocating resources efficiency of capital market. It generalized the signification of allocating resources efficiency of capital market, summarizes allocating resources efficiency of capital market for capital market whether can shift financial resources from the deposits'hand to the producers'hand by price mechanism, guide fund to be allocated to enterprise that can bring maximized output, thus realize effective using of scarce resources. Through analyzing the process of capital market optimizing resources allocation, it related institutional investors, which participated in corporation governance with allocating resources efficiency of capital market. After the analysis it pointed that institutional investors influenced allocating resources efficiency of capital market mainly by participating in corporation governance and promoting benefit of corporation. And with analyzing the cause, the approach, the influence of institutional investors on benefit of corporation and the restrictive factors of institutional investors participating in corporation governance, it ulteriorly discussed that how institutional investors influenced allocating resources efficiency of capital market by participating in corporation governance.The sixth chapter analyzed the influence of institutional investors on operating efficiency of capital market. Through analyzing researched productions it defined operating efficiency of capital market as the state that in order to realize capital market's main functions for example collecting fund and finding price, any change to operating mode will cause operating cost to increase, result in existing functions of capital market weakened. And on this foundation it analyzed the connection between operating efficiency of capital market and other efficiency. And through analyzing the connection between transaction costs and operating efficiency of capital market, it pointed out that transaction cost is the decisive factor, which influenced operating efficiency of capital market. Then it analyzed the action of institutional investors promoting innovation of transaction system of capital market, concluded the institutional investors are helpful in reducing transaction costs of capital market and enhancing operating efficiency of capital market.The seventh chapter compared the influence of institutional investors on capital market efficiency between in China and in U.S.A. With analyzing institutional investors' function in capital market of China and U.S.A, it elaborated the different influence of Chinese and American institutional investors on capital market efficiency. The analysis result indicated that although economic strength, developed degree of capital market and the environment that institutional investors located of two countries are different, institutional investors of two countries both effected negatively pricing efficiency of capital market under certain condition. The difference is that the degree of institutional investors effecting negatively capital market is different because of the difference of capital market system environment and system arrangement. As for allocating resources efficiency of capital market, American institutional investors promoted allocating resources efficiency of capital market of their country by participating actively in corporation governance. Chinese institutional investors didn't influence remarkably corporation governance due to all sorts of causes, thus the influence of institutional investors on allocating resources efficiency of capital market is insignificant. Institutional investors of two counties both influenced positively on operating efficiency of capital market.The eighth chapter with above research, put forward the policy proposal and the countermeasure about how to promote our country institutional investors developing healthily: consummating the system arrangement of capital market in our country, supervising and managing coordinatedly institutional investors, standardizing and optimizing institutional investors'behavior, strengthening construction of qualified institutional investors troop, urging institutional investors to display positive roles in capital market, impelling capital market efficiency to enhance unceasingly.
|
PDF Full Text Request