中国证券投资理念形成与发展研究.pdfVIP

摘 要 证券市场投资理念的产生、发展和更替与金融理论的发展密切相关，后者是对前者的 观察和总结，反过来对前者产生影响。同时，证券市场投资理念与证券市场的环境、投资 者的构成、与政策监管、宏观层面的经济发展、微观上市公司的状况都有关系，而投资理 念也是证券市场成熟程度的表现。本文以美国当作证券成熟市场的例子，对成熟证券主流 投资理念的分类及形成条件进行了分析，以台湾市场、印度市场投资理念变迁为例，分析 了成熟投资理念对新兴市场的影响。对中国证券市场而言，以2006 年之前、之后为界限， 结果可以分析出，中国证券投资理念的发展阶段特征是从资金为王、收集筹码到概念旗帜 下投机，从引导到主导--基金开始崭露头角到熊市重建市场游戏规则的一个发展过程。从 2006 年开始，在中国证券市场步入全流通时代之后，中国证券投资理念已经并且将呈现出 价值投资理念凸现、但仍处于初级阶段并且价值投资所受局限仍多的特点，未来将是投 资理念多元化的时代。 关键词：证券市场投资理念 QFII 全流通时代 Abstract The production, development and change of the stock market investment idea have very close correlation with the development of the financial theory development. Latter is the observation and the summary of the former, in turn has the influence to the former. At the same time, the stock market investment idea is all concern to the stock market environment, investors constitution, policy supervising and managing, the macro-economical development, the condition of the companies in market. The idea also shows that the mature degree performance of the stock market. The article does take US as an example of the mature securities market to classify and form the conditions to carry on the analysis to the mature securities main stream investment idea. Takes the Taiwan market, Indian market as the examples, to analyze the influence of the mature investment idea to the emerging market. And then as 2006 a boundary, analyzes the Chinese securities investment idea. The development phase characteristic analysis is from the money for the king, collection chip under the concept flag, fund as budding starts from the guidance to the leading to reconstruct the market game rule in the bear market. After 2006, the China stock market marches into the entire circulation time, the C