网络位置、信息传递与机构投资者投资绩效  

The Network Location of Institution Investors,the InformationTransmission and the Investment Performance

作　　者：侯剑平[1,2] 张子豪 Hou Jianping;Zhang Zihao

机构地区：[1]西安工业大学经管学院 [2]西安交通大学 [3]伦敦大学学院

出　　处：《兰州学刊》2022年第8期75-85,共11页

基　　金：国家社科基金“网络结构视角下机构投资者抱团的金融风险传染机理及防范策略研究”(项目编号:21BJY091);陕西省软科学研究计划(项目编号:2020KRM139)。

摘　　要：机构投资者通过共同持有股票形成了机构投资者网络,网络位置决定了机构投资者获取上市公司私有信息的能力和投资绩效。首先,构建以机构投资者为节点和持有上市公司股票为边的机构投资者网络;其次规范分析了机构投资者网络与上市公司信息传递、网络位置与机构投资者获取私有信息能力的逻辑关系;随后,分析了网络中心度对机构投资者投资绩效的影响;最后选择样本对网络位置与机构投资者的绩效进行了实证研究。研究认为,机构投资者网络是上市公司信息传递的重要渠道;网络位置对机构投资者的年度收益和投资绩效具有显著影响,对机构投资者的投资风险影响不显著。Institutional investors form an institutional investor network by jointly holding stocks.The location of the network determines the ability of institutional investors to obtain private information of listed companies and their investment performance.Firstly,the article constructs a network of institutional investors with institutional investors as nodes and holding stocks of listed companies as edges.Secondly,the article analyzes the logical relationship between the network of institutional investor,information transmission and network location of listed companies and institutional investors’ability to obtain private information.Then,the article analyzes the influence of network centrality on investment performance of institutional investors.Finally,the article selects samples to conduct an empirical study on network location and performance of institutional investors.The research shows that institutional investor network is an important channel for information transmission of listed companies.Network location has significant influence on annual return and investment performance of institutional investors,but has no significant influence on investment risk of institutional investors.

关 键 词：机构投资者 网络位置 信息传递 投资绩效 

分 类 号：F832[经济管理—金融学]