A股市场去散户化问题与措施的研究.docxVIP

PAGE 15 摘要 40年的改革开放，中国特色社会主义经济体系日趋完善，中国经济取得了历史性成就，创造一个又一个的奇迹，这离不开一系列配套措施的配合和补充，其中包括资本市场服务于实体经济的措施。而在资本市场中，A股市场成为服务实体经济的关键市场。 目前，从A市场的散户占比超9成，机构投资者占比不到1成的投资者结构反映出了A股市场还处在不成熟的初级阶段，改革之路依旧任重而道远。A股市场迈向成熟市场的其中一环就是去散户化，优化投资者结构。 本论文通过分析散户的“羊群效应”等心理，投机性等特征以及散户投资者的投资水平对A股市场造成了较大的波动性。以政府和散户投资者两个维度分析散户化过高的原因以及散户化高比重对A股市场造成的问题，并提出建立多元化投资市场等对应的解决方案。无论从资金角度还是监管角度，A股市场对上市公司，实体经济，乃至中国经济的作用不言而喻，A股市场对中国经济拥有着至关重要的地位。因此，必须坚定推进A股市场去散户化的进程，通过改革“倒逼”市场去散户化，利用引进长期资金，改变A股市场税收体制机制，转变监管观念，加强投资者教育等措施达到去散户化的目标。 关键词：去散户化 散户 机构投资者 成熟市场 ABSTRACT In the past 40 years of reform and opening up, the socialist economic system with Chinese characteristics has been improving day by day. Chinas economy has made historic achievements and created one miracle after another. This cannot be achieved without a series of complementary measures, including those to make the capital market serve the real economy. In the capital market, the a-share market has become A key market serving the real economy. At present, the investor structure with retail investors accounting for more than 90% and institutional investors accounting for less than 10% of the a-share market reflects that the a-share market is still in the primary stage of immaturity, and the reform still has A long way to go. A - share market to mature market one of the links is to go retail, optimize the structure of investors. This paper analyzes the psychology of retail investors such as herding effect, speculative characteristics and the investment level of retail investors have caused great volatility in the a-share market. Based on the government and retail investors, this paper analyzes the causes of excessive retail investment and the problems caused by the high proportion of retail investment in the a-share market, and proposes corresponding solutions such as establishing A diversified investment market. No matter from the perspective of capital or regulation, the a-share market plays an obvious role in the listed companies, the real economy and ev