机构投资者调研行为与上市公司股票流动性

Institutional Investor Research Behavior and Stock Liquidity of Listed Companies

机构投资者调研可以显著提高上市公司股票流动性,且调研的广度和频度越大,上市公司股票流动性越强;机构投资者调研还可以通过增加被调研上市公司的信息披露数量,降低信息不对称程度这一机制来提高个股流动性。机构投资者调研广度对上市公司股票流动性的提高作用在国营或国有控股企业中更加显著。因此,机构投资者应在调研活动中挖掘并披露有效信息,提高市场效率;上市公司应积极接受监管部门的审查及投资者调研,保证信息披露的真实性和可靠性;监管部门应进一步加强监察力度,提高上市公司经营透明度,三方合力构造更加完善和健康的投资环境。

Institutional investor research can significantly improve the stock liquidity of listed companies,and the greater the breadth and frequency of research,the stronger the stock liquidity of listed companies. Institutional investor research can also increase the amount of information disclosed by the listed companies under investigation,and reduce the degree of information asymmetry to improve the liquidity of individual stocks. The effect of institutional investor research breadth on improving the stock liquidity of listed companies is more significant in stateowned or state-controlled companies. Therefore,institutional investors should dig out and disclose effective information in research activities to improve market efficiency;listed companies should actively accept the review of regulatory authorities and investor research to ensure the authenticity and reliability of information disclosure;and regulatory authorities should further strengthen supervision to improve the transparency of listed componies. The three parties will work together to build a more complete and healthy investment environment.