机构投资者的调研活动能否抑制市场操纵行为

Can Institutional Investors'Site Visit Refrain Market Manipulation

市场操纵扭曲股票价格,降低股市资源配置效率,严重损害国民经济。操纵行为的产生源于实施成本与获取收益之间的不对称。市场操纵的防范不仅需要监管部门加大处罚力度,更需进一步优化我国股市的投资者结构,提升市场效率,增加操纵成本。基于深圳股票市场的交易数据,针对机构投资者调研活动对市场操纵的影响展开研究。研究发现:第一,在我国股票市场中,机构投资者的调研活动能够降低股票被操纵的次数;第二,作用机制的分析表明,在个股流动性低、信息环境差以及公司治理水平薄弱的上市公司中,机构投资者调研对市场操纵的抑制效果更显著;第三,进一步研究发现,在信息披露质量差及机构持股比例低的上市公司中,机构投资者调研对市场操纵的抑制效果更显著。

Market manipulation distorts stock prices,reduces the efficiency of stock market resource allocation,and damages the national economy seriously.Manipulation arises from the asymmetry between the costs of implementation and the benefits of acquisition.The prevention of market manipulation not only requires the regulatory authorities to increase punishment,but also needs to improve stock market efficiency and increase the manipulation cost.Based on the trading data from Shenzhen stock market,this paper studies the influence of institutional investors'sitevisit on market manipulation.We found that,first,institutional investors'site visit can reduce the number of stock manipulation in China stock market.Second,the analysis of the mechanism shows that in listed companies with low stock liquidity,poor information environment and weak corporate governance,institutional investors'site visit has a more significant inhibition effect on market manipulation.Third,further research finds that in listed companies with poor information disclosure quality and low institutional shareholding ratio,institutional investors'site visit has a more significant inhibition effect on market manipulation.