机构调研影响股价崩盘风险吗?

Does Institutional Investigation Affect the Stock Price Crash Risk?

机构调研在降低股价崩盘风险、稳定市场中能否发挥作用,是一个值得探讨的问题。本文选取2014—2019年沪深A股上市公司为研究样本,考察机构调研对被调研公司股价崩盘风险的影响。实证研究发现:机构调研的次数越多、参与调研的机构家数越多,被调研公司的股价崩盘风险越小,表明机构调研能够降低股价崩盘风险。进一步的中介效应检验表明,机构调研能够提高被调研公司的信息透明度,从而降低股价崩盘风险。本文拓展了机构调研经济后果的研究范围,在我国资本市场注册制改革背景下,对发挥机构投资者作用、稳定股价和促进资本市场健康有序发展具有一定的理论与现实意义。

Whether institutional investigation can play a role in reducing the risk of stock price crash and stabilizing the market is a question that is worthy of exploring. This paper selects Shanghai and Shenzhen A-share listed companies from 2014 to 2019 as the research sample to examine the impact of institutional research on the risk of share price crash of the researched companies. The empirical study finds that:the greater the number of institutional investigation and the greater the number of institutions involved in the research, the lower the risk of share price clash of the researched company,indicating that institutional investigation can reduce the risk of share price clash. Further test of mediating effects indicates that institutional investigation can improve the information transparency of the researched companies and thus reduce the risk of stock price clash. This paper expands the scope of research on the economic consequences of institutional investigation,which has certain theoretical and practical significance in the context of China’s capital market registration system reform to give play to the role of institutional investors, stabilize stock prices and promote the healthy and orderly development of the capital market.