摘要
从不同类型投资者买卖行为对市场流动性的影响进行了研究,利用SVAR模型探讨了中国不同类型投资者的买卖不平衡比率对同期流动性的影响。实证研究结果表明,个人投资者是市场流动性的主要供给者,个人投资者买卖行为对流动性产生正的效应,投资者结构是影响市场流动性的重要因素。因此,为保证市场流动性充分,应注意发展个人投资者,发展多层次投资主体。
The paper researched the effects of different investor trade behaviors to market liquidity, used the SVAR model to analyze the influence of buy-to-sell imbalance ratios of different type investors to the liquidity in the current period. The results showed that the individual investors were the main provider of market liquidity, the individual investors had the positive effect on the liquidity, and structure of investors was an important factor influence on the market liquidity. The benefits of individual investors＂ should be protected for keeping the market liquidity sufficient when developing the multi-level investment subjects.
出处
《系统管理学报》
北大核心
2009年第4期361-366,372,共7页
Journal of Systems & Management
基金
国家自然科学基金资助项目(70773075)
