异质性机构投资者对股价下行风险的影响

The impact of heterogeneous institutional investors on the downside risk of stock price

文章对现有的文献进行研究,在此基础上结合理论和实证研究进行分析。以2013〜2019年A股上市公司为研究样本,对异质性机构投资者持股和股价下行风险之间的关系进行研究,研究结果表明,将机构投资者根据是否与被投资企业存在商业往来分为独立机构投资者和非独立机构投资者,其中独立机构投资者持股与股价下行风险正相关,而非独立机构投资者与之相反。文章的研究从不同类型的机构投资者出发,研究不同质的机构投资者对股价下行风险的影响。研究表明,加强对机构投资者的教育和引导,完善市场监管机制,会提高市场资源配置,促进市场和机构投资者的共同发展。

This paper studies the existing literature,and analyzes it combined with theoretical analysis and empirical research.Based on the research sample of A-share listed companies from 2013 to 2019,this paper studies the relationship between the shareholding of heterogeneous institutional investors and the downside risk of stock price.The research results show that institutional investors are divided into independent institutional investors and non independent institutional investors according to whether they have business dealings with the invested enterprises.Among them,the shareholding of independent institutional investors is positively correlated with the downside risk of stock price,non independent institutional investors,on the contrary.This paper studies the impact of different types of institutional investors on the downside risk of stock price.The research shows that strengthening the education and guidance of institutional investors and improving the market supervision mechanism will improve the allocation of market resources and promote the common development of the market and institutional investors.