机构投资者是风险抑制者还是助推器?

Institutional Investors Are Risk Inhibitors or Boosters?

随着我国机构投资者的发展壮大,股票市场却起起伏伏,机构投资者是风险抑制者还是助推器?基于2006-2010年沪深两市A股上市公司的样本,在根据机构投资者持股时间的长短将公司前十大流通股东中的机构投资者划分为长期机构和短期机构的基础上,探讨了长短期机构投资者持股对公司财务风险和市场风险的影响。研究发现:长期机构投资者持股比例越高,长期机构投资者数量越多,公司财务风险和市场风险越低,且在两权分离,即代理问题更为严重的公司,长期机构投资者降低公司财务风险和市场风险的作用更大;而短期机构投资者对降低公司风险没有影响。

With the rapid development of institutional investors in China and unstable stock market, institutional investors are risk inhibitors or boosters？ Based on the classification that institutional investors of the top ten circulation shareholders in Shanghai and Shenzhen A-share listed companies between 2006--2010 are divided into long-term and short-term institutions according to the length of the holding time of institutional investors, the paper has discussed that the long-term and short-term institutional investors share holding have an influence on the company financial and market risk. The research has hold a con- clusion that the finance risk and the market risk will lower if long-term institutional investors hold more proportion, Especially in some companies with serious agency problem in the structure of separation of two rights. The another point is also proved that the short-term institutional investors have no impact on the risk of companies.