精品文档---下载后可任意编辑分论五资金结构和投资者结构的战略调整：从纯内资市场到内外资并重的市场摘 要资金结构和投资者结构的调整是资本市场战略转型的重要内容。本分论首先回忆了对外开放进程中的我国资本市场资金结构和投资者结构的变迁轨迹,梳理了我国资本市场各类机构投资主体的开展现状及评价,并通过分析成熟市场经济国家的经验,得出资本市场的资金结构和投资者结构具有机构化趋势和国际化趋势。基于以上讨论，我们最终提出，未来中国资本市场在资金供给政策上应该遵循两条根本的路径：第一，就中国金融体系的内部资源来说，必须超常规模地开展机构投资者，开展以集合投资为特征的证券投资基金，逐步扩大商业保险资金〔主要是寿险资金〕和社会保障基金进入市场的比例，积极稳妥地开展从事基于资本市场资产管理、具有私募性质的投资基金。第二，就中国金融体系的外部资源来说，必须从投资角度开放资本市场，吸引更多的外国投资者进入中国资本市场。成熟的外国投资者的进入能够给中国资本市场带来增量资金，同时，这些投资者也可能以其成熟的投资理念影响中国投资者的投资行为以其对创新性产品的需求推动中国资本市场的创新开展。- 148 -中国资本市场：从制度变革到战略转型AbstractThe adjustment of funds and investors structure is important for the strategic transformation of the capital market. This topic first reviews the transformation process of the funds and investors structure in china’s capital market during opening up, and summarizes and evaluates the status quo of the development of various kinds of institutional investors. After analyzing the experience of countries with mature economy, we find that the funds and investors structure of the capital market has the trend of institutionalization and internationalization. Based on the above study, we argue that China capital market should follow two guidelines with respect to fund supply policies in the future: Firstly, interms of internal resources of China’s financial system, we should energetically promote the development of institutional investors and securiti...
