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西方国家的股票所有结构主要可划分为两大类 :一类是以机构持股为主 ,美国和大多数西方国家都属于这一种 ;另一类以法人持股为主 ,其代表是日本。由于不同持股方式中投资者在股市中的地位和投资目的不同 ,他们相应的持股行为特征就在很大程度上决定了股票价格水平及其变动 ,从而使股票市场在融资和配置资源功能方面有不同的表现。本文分别讨论日本、美国和中国股票所有结构的特点 ,进而讨论股票所有结构在股票市场中的重要地位 ,以及我国股票所有结构的优化问题
All the stock ownership structures in western countries can be divided into two main categories: one is institutional ownership, the United States and most western countries belong to this category, and the other is dominated by legal persons. Its representative is Japan . Due to the different positions of investors in the stock market and their different investment objectives in different ways, their corresponding characteristics of the shareholding behavior largely determine the stock price level and its changes, so that the stock market is financing and allocating resources There are different aspects of the performance. This paper separately discusses the characteristics of all the structures of the stock in Japan, the United States and China, and then discusses the important position of all the stock structures in the stock market and the optimization of all the stock structure in China