卖空限制论文：卖空限制对机构投资者投资行为的影响研究.docVIP

卖空限制论文：卖空限制对机构投资者投资行为的影响研究 【中文摘要】本文研究的内容围绕卖空限制对机构投资者投资行为的影响这条主线展开。文章首先对卖空限制的历史演进进行了概括性的论述,分析了在本次金融危机之后各国家和地区卖空限制的政策措施及其效果,在此基础上对卖空限制未来的发展趋势进行了预测；然后从行为金融学的角度通过理论模型说明了机构投资者正反馈交易行为的形成机理,阐述了机构投资者正反馈交易策略的运用方法,在此基础上引入卖空限制的条件,利用机构投资者有限套利的原理具体分析了卖空限制对机构投资者行为的影响；之后通过建立一个正反馈交易检验模型对我国取消卖空限制前后机构投资者的投资行为变化进行了实证研究,结合我国证券市场的具体制度和特点对实证研究的结果进行了分析；最后综合前文的内容形成了本文的结论,并提出相关的政策建议。本文的研究结果表明,卖空限制会引起机构投资者的有限套利,在市场下跌时期对机构投资者的正反馈交易行为产生抑制作用,但是由于我国证券市场受政策影响较大,并且融券卖空的制度还不够完善,因此卖空限制对机构投资者正反馈交易行为的作用不明显。为了在保持我国证券市场的健康发展的基础上发挥融券卖空机制的作用,应当加强市场监管,完善信息披露制度,大力培育各类机构投资者,倡导理性投资,在注意风险防范的同时继续推进融资融券制度建设。 【英文摘要】The contents of this paper focus on the influence that the short-selling restriction exerts on the behavior of institutional investors. This article made summary exposition on the history evolution of short selling restriction, analyzes policy and effects of short-selling restriction the financial crisis in various countries and regions in this financial crisis. on the basis of above, the development trend of short-selling restrictions are predicted; Then from the perspective of behavioral finance through theory model I explain the formation mechanism and its application of the positive feedback trading behavior of institutional investors introduce the short selling restrictions on the basis of the conditions, applying the principles of limited arbitrage to analyse the influence that the short-selling restriction exerts on the behavior of institutional investors.;Then by establishing a positive feedback model I made empirical studies on investors behaviour changes when there is short-selling restriction and when there isn抰 short-selling restriction, combined with specific features of the securities market the result was analysed; synthesizing the above,the final conclusion were formed,and relevant policy recommendations were made.The results of this study indicate that institutional investors short-selling restrictions will lead to limited arbitrage, and will restrain investment behavior of positive f