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不同类型机构投资者的一个关键差异在于风险承受的方式和能力不同,因而在行为监管方面存在着明显的差异。金融自由化并非放松所有的监管,而是监管重心从结构化转向审慎化。基于投资者保护的视角对机构投资者的行为进行规制应从如下方面入手:第一,强化制度实施机制;第二,规制规制者;第三,强化对市场操纵行为的规制;第四,健全证券民事赔偿制度。
A key difference among different types of institutional investors is the way and capacity for risk appetite, and there is a clear difference in behavior regulation. Financial liberalization does not relax all regulation, but rather shifts its regulatory focus from structuralization to prudence. The regulation of the behavior of institutional investors based on the perspective of investor protection should start with the following aspects: first, to strengthen the system of implementation mechanism; second, to regulate the regulator; third, to strengthen the regulation of market manipulation behavior; fourth, to improve the securities Civil Compensation System.