【作者】 姚凤阁；

【导师】 黄清； 王德章；

【作者基本信息】 东北林业大学 ， 林业经济管理， 2003， 博士

【摘要】 在当今金融全球化的时代背景下，发展机构投资者已经成为世界金融市场一个重要趋势，其中，作为主要机构投资者的投资基金在全球范围内已趋于成熟和完善，并在近几年呈现出了加速发展的态势。我国投资基金市场经过近20年的发展，已经成为我国资本市场的有益补充，并在整个金融市场的运行中，对金融改革和国企改革发挥者愈来愈重要的作用。实现投资基金市场的有序运行与健康发展，是我国证券市场，也是整个资本市场发展的客观需要与必然选择。 本文以经济学与管理学基本理论为指导，结合我国投资基金市场的具体实际，运用综合分析与重点分析相结合、定性分析与定量分析相结合、实证分析与规范分析相结合的系统分析方法，把我国投资基金市场的运行与发展问题作为研究对象进行全面的研究。 本文从对投资基金以及投资基金市场的内涵、本质以及功能的分析入手，对我国投资基金市场运行作了理性分析；本文应用随机游走理论，分析我国投资基金市场的效率，得出目前我国投资基金市场并未达到弱式有效的结论，并对效率不足的原因作了实际分析，提出了相应的对策；本文还分析了我国投资基金市场的风险，并应用监管理论和资本资产理论，提出了宏观监管和微观控制的防范措施。 从我国实际出发，本文构建了中国特色的投资基金市场体系，并提出21世纪初期我国投资基金市场的发展战略。更多还原

【Abstract】 Under the era background of finance globalization, it has been an important world trend to develop institutional investors in the financial market. Among them, the main institutional investor’s investment funds have become more and more mature and perfect and also shown an accelerating development in resent years. After about 20 years of development, the Chinese MIF has become a beneficial complement of Chinese capital market and played an increasingly important role in the whole financial market operation as well as the financial and state- owned enterprise reforms, the realization of MIF’s orderly operation and healthy development is an objective request and necessary choice of the Chinese security and whole capital market.Guided by the basic theories of economics and administration and combined with the concrete reality of MIF in china, the paper conducts intensive and systematic researches with the application of combinative analysis such as comprehensive and specialized analysis qualitative and quantitative analysis and instance and standarlized analysis.The paper starting with the analysis of MIF and its essence, nature and function, makes intensive and reasonable analysis of MIF in china.the paper also uses random walking theory to analyze the efficiency of Chinese MIF hasn’t reached weak type effective. Reasons for lack of efficiency are factural analyzed and presented corresponding strategies. Later in this paper, risks in Chinese MIF are analyzed. With the help of supervised theory and capital assets theory, precautionary measures characterized by macro-supervision and micro-control are put forward.Finally, the paper sets out from the Chinese realities and establishes the MIF system with distinct Chinese features ,it also proposes Chinese MIF’s Developing strategies and coping methods in the 21 st century.更多还原