机构投资者对我国证券市场稳定的影响研究  

The Impact of Institutional Investors on the Stability of China's Securities Market

作　　者：宋晓萍 

机构地区：[1]招商银行上海分行,上海200070

出　　处：《上海金融》2013年第8期96-98,119,共3页Shanghai Finance

摘　　要：本文研究了机构投资者对我国证券市场稳定性影响的两方面的作用机理,并将证券市场的稳定性细化为股价的稳定性后进行实证检验。结果表明机构投资者持股比例与股价的波动性没有显著的线性关系,可见机构投资者对我国证券市场稳定性两方面的影响平分秋色、相持不下。据此提出建议:加大机构投资者对市场稳定性的正面影响,减少负面影响,促进我国证券市场稳定、健康发展。The article studies the impacts of institutional investors on the stability of China's securities market in two dimensions.It further classifies the stability of the securities market into that of the stock price and conducts an empirical test.The results show that there is no signifi cant linear relationship between the proportion of institutional ownership and stock price volatility which indicates that the two dimensional impacts of the institutional investors on the stability of China's securities market basically offset each other.On this basis the article makes recommenda tions to increase the positive impacts of the institutional investors while alleviating the negative ones so as to promote a stable and healthy develop ment of China's securities market.

关 键 词：机构投资者 证券市场 稳定性 

分 类 号：F830.9[经济管理—金融学]