机构投资者持股特征、上市公司类型与股票市场波动性  

Shareholding Feature of Institutional Investors,Listing Corporation Type and Volatility of Stock Market

作　　者：李晓畅 

机构地区：[1]毕马威华振会计师事务所,北京110000

出　　处：《广西财经学院学报》2015年第6期64-73,104,共11页Journal of Guangxi University of Finance and Economics

摘　　要：机构投资者能否起到稳定股票价格波动的作用一直是管理层和投资者关注的焦点。对于这个问题,文章实证分析了2008年第4季度至2014年第4季度的上证A股数据,发现我国的机构投资者偏好波动率较低的股票,并没有起到稳定股价的作用,反而会加剧股票价格的波动。对上市公司分组分析后,发现机构投资者对于其持股比例相对较小、持股比例经常变动的股票有更为明显的加剧价格波动的作用。最后,论文结合研究结论提出相关的政策建议。The institutional investors＇influence on the volatility of stock prices is the focus which attracts both regulators and investors. This paper analyzes the A stocks listed on Shanghai Stock Exchange from the 4th quarter of 2008 to the 4th quarter of 2014 by an empirical study. The study shows that institutional in- vestors prefer stocks with low volatility,and the rise of institutional investor holdings leads to the stock price volatility increase instead of stabilization. Grouping analysis finds：the institutional investors have more impact on the stocks with smaller proportion of holding and frequent changes. In the end,the paper gives relevant policy suggestions based on the research conclusion.

关 键 词：机构投资者 价格波动 上市公司 持股比例 

分 类 号：F830.91[经济管理—金融学]