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本文首先分析了我国机构投资者发展的非均衡性,进而研究了影响非均衡发展的制度因素。从本文的分析可以看出,证券市场中的投资者结构、尤其是机构投资者发展的非均衡性是我国证券市场运行出现诸多问题的内在原因。因此,我国证券市场的制度安排及运行效率构成了证券投资基金等机构投资者违规操作的市场条件和制度基础。所以,在政府加强制度建设的同时,应将全面、均衡发展机构投资者作为改善证券市场内部结构、促进系统稳定运行及提高效率的主要策略。
This paper first analyzes the unbalanced development of institutional investors in our country and then studies the institutional factors that affect the unbalanced development. From the analysis of this paper, we can see that the investor structure in the stock market, especially the unbalanced development of institutional investors, is the inherent reason for many problems in the operation of the stock market in our country. Therefore, the institutional arrangements and operational efficiency of the securities market in our country constitute the market conditions and system basis for the illegal operation of institutional investors such as securities investment funds. Therefore, while strengthening the system construction, the government should make comprehensive and balanced development of institutional investors as the main strategy to improve the internal structure of the stock market, promote the stable operation of the system and enhance efficiency.