机构投资者发展战略研究(pdf 64)

RESEARCHREPORT123412030307020702080403021DavisSteil2001DavisSteil2001200532OECD1997Brancato2000Blair19952000Blair1995OECDBlackQFII4130XXXXXX•2IOSCOCollectiveInvestmentSchemeREITs5123456123456ETFLOF3Davis2000200412.93.18.138%Employer-sponsoreddefinedcontributionplanIndividualRetirementAccountsIRAs462004496005KKR5~105%199040%19979001GDP11970-1998GDPGDP19987170%197023%108%-39%159%11%69%1990-19988199057%108%82079%174%201GDPDavis&Steil20012OECDGDP219902004OECD3431990-19988GDP1990-19988%13%41990-20041990-2004181.7%169.7%574.5%697.7%134.8%70.5%331990-1998Davis&Steil2001*1990-199541990-200492199855Davis&Steil20016GDP19989.57.27.223.91998GDP19.823.91552003OECD45OECDGDP150%103ICI1998-20054120054117.77199885%10%199820054150%55%2004200550%4115%19982005100%30%200210%7112090401K200463%23%20053.440%199120053220344409.7122256GDP1975198516.8%1986199011.1%1991199510.3%199620018.7%200120057.19%GDP5.31%ICIInvestmentcompanyinstitute2006200514.3GDP12.49IRAsDC3.67DC401k2.413IRAsDCPsSLGERFsPDBPsFDBPs919981998200428.67%13.31%66.70%141868TheForeignandColonialGovernmentTrust19243TheMassachusettsInvestorsTrustDavis119291519006.7%19128.1%19299.6%Kotz197819001929290.09%192920302203070192920302030203020301619291951195881.8375%22.7%197433.3%Kotz197817(:10)()ETFUNITsETFUNITs18ETF2070207019812090GDP2%DC199810300014803501998OECD30OCED1%GDP10%OECD100%1911GDPP57%DavisSteil2001200520061·BabbageWalker20Young205022122231OptiMarkBondConnect2199868%64%15%23%24200514.33.412OECD2070OECD75%FIBV199719.6%199922.6%Davis&Steil(2001)25209071.2%9.8%101502001998251510019802.32%20051.13%1990-20055199019952000200585%84%85%89%262728Roseveareetal.19961990-2040GDRoseveareetal.1996207014Roseveareetal.1996199860%202919291929301929-19331983209019942512TheEconomist30/10/19991999GLBSection20&32,BankingActof19331986brokerjobber100%198619921989312090EdeyHviding199512234515I=E=C=1234567891322648%34198619921997Auetal2000Wu200051990FDI15%40%2%30%BISReview96/1998,WorldBank,199763372000500500545006Fortune24July2000333421203019352050194841974IRAs1978SEP1986SAR—SEP1996SimpleIRAs1997Roth(RothIRAs)2001401kRothKSOP401kESOPs2””“”“”“”3500“”3520705050%30%—40%1991-2005199225200538.7199916%200524.13207020703620801981209020902090213720341721200117GDP2009205014.213.68.813.05.57.812.315.212.914.510.913.812.322.64.120087.713.614.47.520089.35.220088.38.013.08.620089.46.820087.7:2005EMUn03/20053861%75%50%2090PEPISASPLITSVCTXXDRREITSContingentimmunization3924“”2540414243OECDSelf-investment25%10%281865%0%10OECD44435%51%50%30%15%5%95%20%15%25%15OECD200310OECDOECD18OECD50%20%10%Kassen35%050%50%45OPF340%10%040%40%20%15%20%EPF466000QFII20051128525008.215047QFIIQFIIQFII3520053254.95200510QFII28590169534414QFIIQFII20052117.9205.220046537881785120810991060200457135.720061200520001000201030—4020—30%11482208080321001933-1940207034945WTO5051520802090GDP50%199057920024121030%2002199064%3901691050%52005522001403053545556571AuS.HungM.WuQ.2000CaseStudy:HSBC,JudgeInstituteofManagementStudies2BlairM.M.1995OwnershipandControl:RethinkingCorporateGovernanceforTwenty-FirstCentury,BrookingsInstitutionPress3Brancato,C.,etal,2000,TheInstitutionalInvestor’sGoalsforCorporateLawintheTwenty-FirstCenturyDelawareJournalofCorporateLaw25,35~694DavidM.Kotz1978BankControlofLargeCorporationsintheUnitedStates,UniversityofCaliforniaPress5DavisE.P.2000Pensionfunds,financialintermediationandthenewfinanciallandscape.WorkingpaperNo.PI-2010.London:ThePensionsInstitute,BirkbeckCollege.6DavisE.P.andB.Steil2001InstitutionalInvestorsCambridgeMass.MITPress7EdeyM.andK.Hviding1995AnassessmentoffinancialreforminOECDcountriesEconomicsDepartmentWorkingPaperNo.154Paris:OrganizationforEconomicCooperationandDevelopment8HarichadraK.andS.M.Thangavelu2004InstitutionalInvestorsFinancialSectorDevelopmentAndEconomicGrowthinOECDCountries,workingpaper,NationalUniversityofSingapore9.OECD2004SurveyofInvestmentRegulationofPensionFundsOECD,Paris:OrganizationforEconomicCooperationandDevelopment10OECD1997InstitutionalInvestorsstatisticalyearbookParis:OrganizationforEconomicCooperationandDevelopment11OECD2000InstitutionalInvestorsinLatinAmerica,Paris:OrganizationforEconomicCooperationandDevelopment12OECD2001InstitutionalInvestorsstatisticalyearbookParis:OrganizationforEconomicCooperationandDevelopment13GlobalFinancialStabilityReport,September2005:Chapter3:AspectsofGlobalAssetAllocation(PDF):simulationfor20OECDcountriesEconomicsDepartmentWorkingPaperNo.168Paris:OrganizationforEconomicCooperationandDevelopment15TheEconomistLondon30Oct1999Jan-Jul200016WuQ.2000RegulationandReregulationTheJudgeInstituteofManagementSudiies28://://://