数字金融发展能够改善市场非理性现象吗?——机构投资者羊群行为视角

Can the Development of Digital Finance Reduce Market Irrationality?From the Perspective of Herd Behavior of Institutional Investors

机构投资者的投资行为是资本市场“风向标”,探讨如何减少机构投资者羊群行为对于促进资本市场稳定运行具有重要意义。本文以2013年至2021年A股上市公司数据为样本,实证考察了数字金融发展对机构投资者羊群行为的影响。研究发现,数字金融可以有效抑制机构投资者羊群行为,且数字金融覆盖广度、使用深度与数字化程度对机构投资者羊群行为均具有显著抑制作用。机制检验表明,数字金融可以通过增加分析师关注、提高会计信息可比性、促进机构投资者实地调研来减少机构投资者羊群行为。进一步研究表明,数字金融对机构投资者羊群行为的影响在小规模企业及非国有企业中更为显著;区分机构投资者信息竞争水平发现,数字金融对机构投资者羊群行为的抑制作用在私有信息竞争激烈的样本中更为显著;区分机构投资者类型发现,压力抵制型机构投资者能够促进数字金融对机构投资者羊群行为的抑制作用;资本市场经济效应检验发现,数字金融通过抑制机构投资者羊群行为,提高股票流动性,推动了资本市场运行效率提升。本文基于数字金融视角,为如何抑制机构投资者羊群行为这一非理性现象提供了新的思路。研究对于进一步发挥数字金融技术潜力,促进资本市场稳定运行提供了新的借鉴和参考。

The investment behavior of institutional investors is the"wind vane"of the capital market.It is of great significance to explore how to reduce the herd behavior of institutional investors to promote the stable operation of the market.Taking the data of A-share listed companies from 2013 to 2021 as samples,this paper empirically examines the influence of digital finance development on institutional investors'herding behavior.The research finds that digital finance can effectively inhibit the herd behavior of institutional investors,and the coverage breadth,depth of use and degree of digitalization of digital finance can significantly inhibit the herd behavior of institutional investors.The mechanism test shows that digital finance can reduce the herd behavior of institutional investors by improving the analyst attention,enhancing the comparability of accounting information and promoting the field research of institutional investors.Further research shows that the influence of digital finance on the herd behavior of institutional investors is more significant in small-scale enterprises and non-state-owned enterprises.By distinguishing the information competition level of institutional investors,it is found that the inhibition effect of digital finance on the herd behavior of institutional investors is more significant in the samples with intense competition for private information.By distinguishing the types of institutional investors,it is found that the pressure resistant institutional investors can promote the inhibition effect of digital finance on the herd behavior of institutional investors.The economic effect test of the capital market finds that digital finance improves stock liquidity and promotes the operation efficiency of the capital market by restraining the herd behavior of institutional investors.Based on the perspective of digital finance,this paper provides a new way of thinking on how to restrain the irrational phenomenon of herd behavior of institutional investors.The research provides a new reference for further developing the potential of digital financial technology and promoting the stable operation of the capital market.