个人理财视角下我国证券投资基金的发展

安徽大学硕士学位论文个人理财视角下我国证券投资基金的发展姓名：马超申请学位级别：硕士专业：金融学指导教师：佘传奇2010-05IIIAbstractIIIAbstractThecapitalmarketofourcountryisshortofinvestmentcultureandstockownershipculture.Andthedeficiencyinsystemandstructurerestrictsthepaceofcapitalmarketbecomingmatureandnormative,leadingthefailureofsettingupinvestors'methodologyonvalueinvestmentandlong-terminvestment.Insidertradingmarketmanipulation“herdbehavior”andotherimproperbehaviorsseriouslydisturbthedevelopmentofournation'scapitalmarket.BasedontheBehavioralFinanceTheory,personalinvestingdecisionsshowirrationaltoagreatextent.Whennotabletorestrainthebehaviorsofpersonalinvestmentbasedonourpolicyandregulations,wecannotpreventtheseirrationalbehaviorsandrealizetheadvanceofcapitalmarketnormally.Therefore,thefinancialmarketunsettledandmarketfluctuationalsoisunavoidable.Fromtheeconomicanalysis,undertheassumptionofperfectaandefficientmarket,rationaleconomicmanpursueself-interestandreachageneralequilibrium,whichisexactlythegoalofmarket'sautomaticadjustmentundertheefficientmarketmechanism.Thekindofautomaticadjustmentdoesnotrequiremoresupervision.Thegeneralequilibriumandself-adjustmentseekingtoequilibriumreflectakindofstabilizationandstabilizationseeking.Inthissense,thecapitalmarketofourcountrylacksathoroughmarketmechanismandrationalinvestors.Sincethehistoryofourcapitalmarketisshortandreformofmarketeconomyhasstillbeeninitspreliminarystageandtherefore,perfectmarketmechanismisjustanemptytalk.Theonlywecandoistocreateabasicallystabledevelopmentenvironmentforfinancemarketthroughpolicy\regulationscontrolandcoordinationwhichstillneedimproving.Socurrentlyonlybyfosteringrationalinvestorscanourcountrybeequippedwithnecessaryelementsandimpetusforfollow-ondevelopment.Sincerestrictedbyvariouskindsofreasons,Individualrationalityisdifficulttocontrol.Asaresult,ourcountryisencouragingtofosterprofessionalinstitutionalinvestors,makingtheAbstractIVindividualsbecomeclientsofinstitutionalinvestorsandmakethembecometherationalinvestorsbytheadvantagesonprofessional,normaloperation,scaleeffectandsufficientinformation.Fromthispoint,cultivatinginstitutionalinvestorshasalreadybecomethethemeforcapitalmarketdevelopment.ASthemostimportantprofessionalinstitutionalinvestors,fundindustryhasobtainedgreatachievement.Innumerousfundvarietiessecuritiesinvestmentfundshasbecometheleadinginstitutionelementinfundsmarketonaccountofmarketsizeandmarketsharesandgraduallybeingthepronounofallfundsbyvirtueofitssocialinfluence.However,institutionalinvestorslargelyconstitutedwithfundmanagementcorporationsfailtoestablishasufficientcompetitiveforce.DifferentiationCompetitionisnotobviousandfundindustryisfacedwithunprecedentedpressures.TheimmaturityofChina'sfinancingstructureandfinancemarket,informalityonfunds'operationandmanagement,thebadperformanceoffundanditslowyieldrate,distrustofinvestorsandotherrelatedfactorsresultinthatthemeritsandfunctionsfundsownareunabletoexert.Basedontherecentsituationsmentionedabove,wehavetoanalyzethereasonshiddenbehindthem,activelyseektotheonesthatbenefititsgrowingandgraduallyimprovethemarketmechanism,operationmechanismandmanagementmethod.Thatwouldbetosolvetheproblem.Inmultitudinousreasons,thegreatgrowthpotentialinPersonalfinancemarketwillbringaboutthesecuritiesinvestmentfundswithtremendousmarketdemands,capitalsupplysourcesanddevelopmentpotential.Since,inpersonalfinance,Investment&Financingisthecore.Also,thesafetyandyieldrateofcapitalandpropertywilldecidewhethertheotherfinancinggoalswouldrealize.Infamilyfinanceorprivatefinance,especially,thesecuritiesinvestmentfundsisthebestinvestmentvehiclethatcansatisfypersonalfinancedemandsinsafety,liquidityandprofitability,sothemarketarisen,developmentandprosperityofpersonalfinancemarketwillproduceahugemarketpotentialforsecuritiesinvestmentfundsmarket.Howtoadjusttopersonalfinancebusinessforsecuritiesinvestmentfundsdeservefurtheranalysis.Duringtheprocessofmystudy,therestillexistsomeproblemsjustlikethecoordinationproblemandagencyproblemamongdifferentfinanceAbstractVinstitutionsbecauseoftheirseparateoperation,contrastandchoiceproblemsfromBankfinancialproductsandfundsproductsanddiscussiononfinanceoperationmodelandseparateservices'cooperation.Keywords:personalfinancialmarketsecuritiesinvestmentfundbankfinancingproductsfinancialseparateservices'cooperationindependentfinancingmethods120709020220Mckinsey&Company120031Mckinsey&Company.[J].Life-shine,20036,.3WilliamBernhard22002OonaghMcDonaldKevinKeasey32002EdwardHHochreiterElizabethHennessy4(2002)52007620097199982002WTO920031020041120031220042WilliamBernhard.Bankingonreform[M].UniversityofMichiganpress,2002.3OonaghMcDonald,KevinKeasey.TheFutureofretailbankinginEurope[J].Johnwiley&Sons,Ltd,2002,52-53.4EdwardHochreiter,Hennessy.ModernFinancialBanking,AdaptingtoGlobalization[J].London:Routledge,2002.5.[J].,20079.6.[J].,200926.7.[J].,199911.8.WTO[J].,2002,(02).9.CFP[M].,200381.10.FP.[5]2004.11.[J].,20035.413200414200615200316199917200018200119200220200121200112.[J].,20043[7].13.[J].,2004,(S1).14,.[J].,2006,(10).15.[J].2003,