摘要
新冠疫情发生以来,我国医药上市公司短期盈利和股价表现优异,机构投资者明显出现增持医药上市公司股权现象。本文以2011-2020年我国A股医药上市公司为研究对象,实证检验机构投资者持股行为与公司股价的关系。实证结果表明:第一,机构投资者持股变化会让投资者做出确认并成功地反映在持股公司中长期股价上;第二,在大股东绝对控股和相对持股两种不同情况下,机构投资者对中长期股价的影响存在显著差异。只要"一股独大"情形存在,机构投资者很难影响上市公司的实际经营决策,机构投资者会成为"搭便车者",无法影响股价。在大股东相对控股下,机构投资者扮演"积极股东",起到显著股权制衡作用,而且机构投资者通过持股行为将长期持有的信息反映在股价中,增加股价的正面信息含量,从而提升了中长期股价。
Since the outbreak of the Covid-19,The China’s listed pharmaceutical companies have performed well in short-term earnings and stock prices,and institutional investors have obviously increased their shareholdings in listed pharmaceutical companies.This paper analyzes empirically the relationship between institutional investor Shareholding and company stock price based on A-share listed pharmaceutical companies from 2011 to 2020 in china.It finds that:The changes in institutional investors Shareholding allows investors to make confirmation and successfully reflects them in the mid-and long-term stock prices of the Pharmaceutical Listed Companies.The impact of institutional investors on mid-and long-term stock prices is significantly different under the different conditions of absolute holdings and relative holdings of major shareholders.Institutional investors have no significant influence on actual operating decisions and stock prices of the listed companies as long as existing the phenomenon"absolute ration share",and trend to become"Free riders".In contrast,institutional investors act as"Active shareholders"and play a significant role of the Check-and-Balance of Stock Ownership under the relative control of major shareholders.Moreover,The long-term holding information of institutional investors reflect in stock prices,increasing the positive information content of stock prices,and thereby Improving mid-and long-term stock prices.
出处
《价格理论与实践》
北大核心
2021年第7期129-132,共4页
Price:Theory & Practice
关键词
机构投资者
医药上市公司
中长期股价
股权制衡
institutional investors
the listed pharmaceutical companies
medium and Long-term Stock Price
the check-and-balance of stock ownership
