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中国股市发展了26年,历经风雨,对不同类型的投资者产生了长期深刻的影响。中国股市投资者结构是复杂多样的,既有个人投资者,也有机构投资者。其中,机构投资者既有国家背景的,也有私营背景的。以私营背景为主的机构投资者主要为阳光私募基金,但也有一个被长期忽视的部分,那就是类私募证券型基金。本文分析了类私募基金产生的原因与发展情况等,它是中国股市投资者结构中的重要组成部分,高交易成本、纳税成本、监管成本等是其产生的主要原因,其对中国股市的流动性起到了积极的作用。
China’s stock market has been developing for 26 years and has had long-term and profound impacts on different types of investors. The structure of China’s stock market investors is complex and diverse, with both individual investors and institutional investors. Among them, institutional investors have both national and private backgrounds. Institutional investors, mainly private-owned, are mainly Sunshine private equity funds, but there is also a long-neglected part of the fund that is private equity securities. This paper analyzes the causes and development of private equity funds, which is an important part of the investor structure in China’s stock market. High transaction costs, tax costs and regulatory costs are the main reasons for this. Sex has played a positive role.