| Summary: | 碩士 === 淡江大學 === 管理科學研究所 === 84 === Recently Central bank and Finacial department adopt a series of
introducing foreign capital, loosening the investment ratio of
foreign funds, opening establishment of security investment
trust company, and speeding up collection of the mutual funds.
All sorts of measures, which hope to make domestic security
market more internationalization and liberalization, and expect
to guide domestic security market normal operation after
increasing the ratio of institutional agent. The research will
attempt to use more conscientious method to examine the
influence of domestic & foreign institutional agent at domestic
security market. The period of research is from April,1991 to
October,1995. The object of researchis to examine all foreign
institutional agent, domestic security investment trust company,
all domestic security Dealer / Trader department, and to screen
five security Dealer / Trader department from all domestic
security Dealer / Trader department which is the most important
institutional agent in the domestic security market. The methods
of research include Kleidon & Whaley causality test method,
stepwise regression analysis, and Chow test. The conclusion
of research reveals domestic investors need not to follow
foreign institutional agent in investing domestic security
market. After all foreign institutional agent is less familiar
with domestic domestic politic and economic environment than
domestic five security Dealer / Trader department and security
investment trust company. It maybe because foreign capital still
not fully open and don''t derequlate up limits of securities
investment and free entry of foreign exchange by government at
present. Before that, domestic investors should still consult
domestic five security Dealer / Trader department and security
investment trust company. After fully derequlating foreign funds
and permitting free entryof foreign exchange, foreign
institutional agents which hold back a large number funds and
accumulate many investment experiences in domestic security
market maybe create splendid operational results in domestic
security market in the future.
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