摘要
以2007—2010年股市上升、下降、盘整的整个波动周期为考察期间,实证分析了机构整体持股对于股价波动的影响,在考虑了变量内生性的问题之后,采用2SLS方法验证了机构稳定市场的假说。但在对机构的分类研究后发现:12类机构中,1/3的机构持股与股市波动无关,仅有1/6的机构持股显著地稳定了市场,而有一半的机构持股加速了市场波动,同时我们还发现,机构投资者内部结构不合理,除基金、一般法人规模较大外,其他类别的机构投资者并没有均衡发展。因此,政策制定者需要适度修订机构投资者的发展战略,优化投资者机构,引导机构投资者树立正确的投资理念,以确保机构整体持股能够长期有效地稳定市场。
The paper makes a research about the impact of institutional investors＇ type on market volatility using Chinese A - share listed companies＇ data from 2007 to 2010. Considering endogenous variable, it tests the institutional stable market hypothesis with 2SKS method. The research finds that in 12 types of institutional investors, 1/3 institutional ownership has nothing to do with stock market volatility; only 1/6 of the institutional own- ership significantly stabilized the market,while half of the institutional ownership accelerated market volatility. And we also find the intemal struc- ture of institutional investors is unreasonable. In order to achieve the long - term stability of stock price,management should develop an appropriate strategy for institutional investors, optimize the institutional investors＇ structure and guide them to establish a correct investment philosophy.
出处
《哈尔滨商业大学学报（社会科学版）》
CSSCI
2012年第5期40-45,共6页
Journal of Harbin University of Commerce:Social Science Edition
