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机构持股对股票流动性风险的影响研究

Influence of institutional ownership on the stock liquidity risk
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摘要 本文分析研究机构持股对股票流动性风险的影响,实证结果显示机构持股能显著降低个股的流动性风险。考虑不同类型的机构持股,研究发现共同基金并没有因为排名压力和申购赎回压力而表现出提高流动性风险的作用,反而能够降低流动性风险。其他机构,如券商、QFII、保险,整体上也发挥降低流动性风险的作用,而社保基金的作用不明显。检验不同市场状态下机构持股对股票流动性风险的作用,发现机构持股的作用显著不同。
作者 朱世香 Zhu Shixiang
出处 《中国物价》 2021年第10期67-70,共4页 China Price
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