【正文】 financial market is characterized by the rapid development of institutional investors. Global portfolios not only promote the allocation of worldwide resources but also make the global finance system more fragile than beforeMeanwhile, international financial market bees to be dominated by institutional investors. Capital market, which is different from bankleading market, responses rather rapidly, widely and directly to basic factors like risk. From 1990s the frequent financial crisis outbreak on capital market , which cause the scholars pay more attention and do more research on the financial market institutionalizingThe trend of organization in the global financial market impacts the stability of financial system by the following three ways: first, capital flow, induced by the capital allocation of institutional investors, accelerates finance globalization and increases system risk of global financial system。截止到 2003年底,OECD國家的機構投資者管理的資產已經超過了 45萬億美元,是同期 OECD國家 GDP的 150%。什么是奮斗？奮斗就是每天很難，可一年一年卻越來越容易。總的說來,三大機構中投資公司 共同基1金資產的增長速度最快,其次為保險公司和養(yǎng)老基金。從全球來看,機構投資者的資產規(guī)模相對于 GDP的增長,比起銀行來說要快得多。并從機構投資者行為角度對 年墨西哥金融危機進行了重新闡釋,以具體危機事實揭示了機構投資者行為在危機中的作用。因此,在第五章中,首先介紹了機構投資者全球投資理論和實踐的演變。本文借鑒最新發(fā)展起來的行為金融理論對機構投資者的羊群行為和正反饋交易策略的產生原理、發(fā)展過程進行了論述,并進一步分析了機構投資者有限理性的行為對金融體系穩(wěn)定性影響的方式。 世紀 年代以來,金融危機頻繁的在金融市場特別是資本市場爆發(fā),使人們對金融市場的機構化有了更多的關注和研究。有權將學位論文用于非贏利目的的少量復制并允許論文進入學校圖書館被查閱。而只有對機構投資者行為進行分析,以及其對國際金融體系的沖擊作用作了深入考察,才能提及對機構投資者監(jiān)管,應對國際金融市場機構化趨向。否則,即使發(fā)生股市崩潰的股災也不一定能導致金融危機發(fā)生。同時發(fā)現(xiàn)這些正是機構投資者羊群行為和正反饋交易機制的跨國效應,也可以說是機構投資者在國際金融市場上的羊群行為和正反饋交易機制的結果。 second, by analyzing structures and characteristics of balance sheets of banks and funds, we can judge whether the trend of organization increases or decreases the financial system risk。 再次,機構投資者資產成長速度較快。不奮斗就是每天都很容易，可一年一年越來越難。德國和意大利兩個國家中,投資公司資產的增長速度較快。 首先,機構投資者資產增長迅速。文章還分析了外國機構投資者的投機操縱、羊群行為、正反饋交易機制在新興市場危機產生、發(fā)展和國際傳染中的作用。機構投資者全球性資產配置形成的資本流動,在對沖基金等為“羊頭”的跨國投機下,成為一國發(fā)生金融危機的重要外在根源,同時也成為金融危機在國際金融市場上傳染的重要渠道。采取羊群行為和正反饋交易策略。同時機構投資者全球范圍內的組合投資,不僅有助于資源在全球配置,更會導致全球金融體系脆弱性的增加。有權將學位論文的內容編入有關數據庫進行檢索。其次,對研究對象??機構投資者進行了界定,采用列舉的方式,介紹了幾個主要的機構投資者。因此,本文以金德爾博格模型為框架,分析了在預期逆轉的情況下,VI機構投資者羊群行為和正反饋交易策略導致金融危機發(fā)生的作用機理。在新興市場開放過程中,機構投資者充當了急先鋒的角色。 third, in the view of institutional investors, the author make research on how institutional investors affect financial system. Following a way of analyzing from general to special, from global financial market to emerging markets like China, the author do research on this issue in a microcosmic viewThis paper mainly including the following context: The abstract introduce the background of the article, pointing out a phenomenon that institutional investors, as the new leader of the financial market have taken place of the mercial banks in all aspects whether from the scale of assets or the speed of development. The security market, especially in emerging countries witness a globalization trend. Acpanied by this phenomenon, the institutional investors change previous “ home biased” asset allocation philosophy and invest more fund on global portfolios. The behavior of institutional investors convenient world capital freedom , attributing the optimal allocation of fund. Meanwhile they also enhance more fragility of finance system and trigger the financial crisis. Owing to small scale and low ratio of domestic shareholder value to global capital market, the emerging countries have bee the center of financial crisis outbroken sites. So in order to carry on effective financial supervision and tackle with the financial market institutionalizi