管理评论 ›› 2020, Vol. 32 ›› Issue (10): 47-58.

• 经济与金融管理 • 上一篇    

寻找中国股票市场更优的投资者画像结构

高雅1, 熊熊2,3, 马俊俊2   

  1. 1. 大连理工大学经济管理学院, 大连 116024;
    2. 天津大学管理与经济学部, 天津 300072;
    3. 中国社会计算研究中心, 天津 300072
  • 收稿日期:2019-06-19 发布日期:2020-11-07
  • 通讯作者: 熊熊(通讯作者),天津大学管理与经济学部教授,博士生导师,博士
  • 作者简介:高雅,大连理工大学经济管理学院准聘助理教授,博士;马俊俊,天津大学管理与经济学部博士研究生。
  • 基金资助:
    国家自然科学基金项目(71532009;71790594);天津市人才发展特殊支持计划高层次创新创业团队项目;大连理工大学引进人才启动经费项目(DUT19RC(3)064)。

Find the Better Investor Portrait for the Chinese Stock Market

Gao Ya1, Xiong Xiong2,3, Ma Junjun2   

  1. 1. School of Economics and Management, Dalian University of Technology, Dalian 116024;
    2. College of Management and Economics, Tianjin University, Tianjin 300072;
    3. China Center for Social Computing and Analytics, Tianjin 300072
  • Received:2019-06-19 Published:2020-11-07

摘要: 本文以先前文献中对散户/个人投资者、机构/专业投资者和外资投资者交易行为的研究为基础,分析了三类型投资者的投资获利性、投资信息来源以及交易对市场价格形成、流动性和波动性等方面的影响,系统描绘了不同类型投资者的功能画像。进一步,基于美国、韩国、中国香港和中国台湾等发达股票市场中投资者结构的演化过程以及各类型投资者在不同市场中的交易现状,结合中国大陆股票市场当前投资者结构,分析得出未来投资者结构画像三个可能的改进方向:去散户化、加速机构投资者发展和拓宽外资引入渠道,为促进中国大陆股票市场健康稳定发展提供参考建议。

关键词: 功能画像, 结构画像, 个人投资者, 机构投资者, 外资投资者

Abstract: Based on the research about the trading behavior of retail/individual investors, institutional/professional investors and foreign investors in in previous literature, we analyze the investment profitability and the information sources of these investors, and study the influence of their trading on the market price formation, liquidity and volatility, to give the systematical function portraits of different types of investors. In addition, by using the summary statistics data from some developed stock markets (the U.S., South Korean, Hong Kong and Taiwan stock markets), we compare the evolution program and the current situation between the Chinese stock market (the stock markets in the mainland of China) and them. Finally, we give three possible directions for future improvement of investor structure portrait:narrowing the ratio of individual/retail investors, supporting the development of institutional investors and extending the channels for foreign investors, to provide some reference suggestions for the healthy and stable development of the Chinese stock market.

Key words: function portrait, structure portrait, individual investor, institutional investor, foreign investor