摘要
从机构投资者行为模式与资本市场定价效率关系的角度出发,对我国机构投资者行为模式进行归纳总结,并利用证券投资基金的持股数据实证研究了基金持股行为及持股变动对资本市场定价效率的影响,研究发现我国证券投资基金的持股及持股变动行为在总体上有利于提高资本市场的定价效率。
Based on the relationship between institutional investors＇ behavior patterns and capital market pricing efficiency,this paper summarizes institutional investors＇ behavior patterns in China.In this research,the influence of holding securities conduct and the changes in shareholdings of investment funds on pricing efficiency of capital market has been investigated by using the data of fund holding securities.Results indicate that the conduct of holding securities by investment funds is helpful to improve the capital market pricing efficiency in general.
出处
《系统工程》
CSSCI
CSCD
北大核心
2011年第2期21-26,共6页
Systems Engineering
关键词
机构投资者
行为模式
市场定价效率
持股集中度
Institutional Investors
Behavior Patterns
Pricing Efficiency of Capital Market
Stock Concentration Degree
