小墩子921
Market investors in China's stock market, initially to retail investors, speculative atmosphere is relatively heavy, causing volatility in the market did not play the role of the optimal allocation of social resources. In order to reduce market volatility, the regulatory agencies to consider the introduction of the development of securities investment funds on behalf of institutional investors, hoping securities investment funds to three major advantages to be able to introduce the concept of value investing and rational investment market by virtue of their professional, financial and information seek the value of the return, reduce the volatility of the stock market, stabilize the stock market and the securities markets are better able to service for the real economy, this is the initial purpose of the financial regulators, is vigorously the development of securities investment funds. With the large-scale securities investment funds into the market, the degree of market volatility than lower? In this paper, an empirical study from the relationship between the positions of the securities investment fund behavior and stock price volatility, the conclusions in this article provides some reference to the recommendations of sustainable development for the health of China's securities market, with very practical guidance significance.The first at home and abroad on this issue from a theoretical and empirical point of view are reviewed, understand that this issue did not draw the same conclusion, the debate is still underway. Went on to appear in the course of trading of the securities investment fund short-sighted behavior, herding, positive feedback trading strategy as well as manipulation of a series of theories are discussed, based on the above theoretical analysis, pointed out that the acts of the positions of the securities investment fund for small investors have an adverse impact, did not play a role in stabilizing the market. Combined with the actual situation of China's securities market, consider the characteristics of blue chip companies and small and medium capitalization stocks, and investors' appetite for risk, a careful analysis of the role of securities investment funds in China's stock market, respectively, the overall assumptions: the behavior of the fund's holdings in China did not play a stabilizing role of the market and individual on two assumptions: The fund holds a blue chip play the role of stable stock prices, but holders of small and medium capitalization stocks has exacerbated the stock price volatility.Assumptions on the overall use of time-series data to an empirical test method of least squares regression analysis method to draw the correlation coefficient, the results show that the positions behavior of all funds showing a positive correlation between the overall volatility of the stock market and to have some significant, but significant, is not very strong, indicating that the market will to a certain degree of rise or fall with the increase or decrease of the proportion of the fund's holdings. For the assumptions made on the individual, respectively, for blue chip companies and small and medium cap stocks an empirical study using panel data regression, come to the Fund to hold a blue-chip exacerbate stock price volatility, to achieve the purpose of stabilizing the stock price volatility, but for the Fund to hold a primary and secondary The market value of stocks and their stock price volatility relationship, test results show that the fund's top holdings showing a strong positive correlation between the price volatility of the small and medium capitalization stocks, and significantly stronger. Combination of tests and analysis, on the whole of the acts of the fund's holdings as a whole did not play a stabilizing role of the market, because the fund's holdings blue-chip stable stock price, but the behavior of fund positions in small and medium capitalization stocks exacerbated the volatility of stock price . The empirical test results support the hypothesis put forward based on the theoretical analysis.According to the results of the analysis and testing, combined with the actual situation of China's securities market, this paper proposes the need to further improve the system of stock market conditions and ecological environment, change the evaluation method and evaluation of securities investment funds existing to further strengthen the trading supervision, improve information disclosure system, improve the quality of listed companies, and business performance and a series of policies and proposals, and hope to provide some reference and guiding role.
jiajia1994
In the Chinese securities market, market investors first retail investors to give priority to, speculative atmosphere are heavier, caused a sharp fluctuations in the market, not to play the role of social resources optimization allocation.In order to reduce market fluctuations, regulators consider introducing the development of securities investment funds in as a representative of the institutional investors, securities investment fund to able to use its professional, capital and information three advantages, to the value investment and rational investment concepts into market, seek value regression, reduce the wild swings in the stock market, the stability of securities market, make the stock market can be better is the entity economy service, this is financial regulatory vigorously develop securities investment fund purposes.With the scale of the securities investment fund market, market volatility is reduced? This article mainly from the securities investment fund open behavior and stock price fluctuation examines the relationship between study and hope this paper can for the conclusion of the Chinese securities market sound and sustainable development provides some reference suggestion, has the very realistic significance.This paper first on the issue of domestic and foreign relevant research respectively from the theoretical and empirical Angle were summarized, know to there this problem does not draw the same conclusion, the debate are still in progress. Then the securities investment fund trading appeared in the process of short-sighted, herding effect, positive feedback trading strategy and manipulate behavior a series of theory are discussed, based on the analysis of the above theory, the article points out the securities investment fund open behavior for small and medium-sized investors have adverse effect, no have stability the role of the market. Combined with the actual conditions of our country securities market, were considered the grail blue chip and the characteristics of small and medium market value stocks, investors and the risk preference, careful analysis of securities investment funds in the stock market of our country, the role of, the author proposes the overall level of hypothesis: China fund position behaviour did not have stability the role of the market and the individual on the two hypotheses: fund holding a blue chip stock price stability of effect, but hold market value stocks and stock price but increased the volatility.This paper put forward for the whole of the hypothesis, use the time series data tested, by means of the regression analysis method, the least square method that the relevant coefficient, and the results show that all the fund open behavior and the stock market fluctuations of the whole show positive correlation, and has certain significant, but significant is not very strong, it is illustrated that the market with the position of the proportion of the fund rise or fall will appear a certain degree of go up or down.For individual brought forward assumption, respectiely on grail blue chip and small and medium-sized market value stocks tested, use the panel data regression, and concludes that the fund holding blue chip without adding stock price, achieve the purpose of the stock price stability, but to fund and individual stocks and its market value held stock price of the relationship between the inspection results show, the fund holding ratio and small and medium-sized market value stocks price fluctuation present a strong positive correlation, and significantly stronger.According to the overall inspection analysis, the fund that open on the whole have stability behavior not the role of the market, because the fund position blue chip although have stability stock price role, but in small and medium-sized market value fund on individual stocks open behavior intensifies the stock price fluctuations. So the empirical results support the based on theoretical analysis hypothesis.Based on the analysis and test results, in combination with the actual situation of the securities market, this paper puts forward the need to further perfect the system of the stock market conditions and ecological environment, to change the securities investment fund current evaluation methods and the evaluation index, further strengthen trade supervision, improve information disclosure system, raise the quality of listed companies and management performance and so on a series of policies and proposal, the hope can provide some reference and guidance.手工翻译的，我是英语教师。
手机专用
经理人是在市场经济中变化和成长的代理人，他们能起到加速创新思想的产生、扩散和应用。经理人是一个特殊的资源，这个资源在企业发展过程中起到非常重要的作用。本文主要概述了经理代理人和经理人代理存在的问题与此治理机制进行分析。结果表明，经理人代理问题可归纳为努力程度问题、任期问题、不同风险偏好问题、资产使用问题等等，及对治理问题进行分析。主要治理机制可归纳给予经理人员一定比例的持股权、完善报酬合约、建立董事会维护机制、建立债权人治理结构等等。The manager is in market economy change and the development of agents, they can speed up innovation thoughts, diffusion and application. The manager is a special resource, the resource in the process of enterprise development plays a very important role. This paper provides an overview of manager agent and agency problems and the administrative mechanism analysis. The results show that, agency problem can be summed up for the effort, term problem, different risk preferences, asset use question and so on, and carries on the analysis to management problems. The main control mechanism can be summarized to give managers a certain proportion of share ownership, perfect the compensation contract, establish a board of directors, establish the maintenance mechanism of creditor governance structure and so on.希望我的答案对你有所帮助！
