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长期以来,机构投资者一直被认为是造成中国股价暴跌风险的主要原因之一。而机构投资者的存在,一方面可以监督上市公司的治理,改变信息透明度,降低个股暴跌风险,一方面又由于短视、投机和认知风险等原因,给我国的股市造成了剧烈波动。本文运用了沪深两市A股2008-2014年的所有A股上市公司的数据,来对我国证券市场上机构投资者与个股暴跌风险关系进行研究,探讨我国的机构投资者能否发挥积极作用。
For a long time, institutional investors have long been considered as one of the main causes of the risk of a plunging share price in China. The existence of institutional investors, on the one hand, can supervise the governance of listed companies, change the transparency of information, reduce the risk of individual stocks plunge, on the one hand and because of shortsightedness, speculation and cognitive risks and other reasons, caused the stock market in our country to fluctuate violently. This paper uses the data of A-share stocks of A-share companies in Shanghai and Shenzhen from 2008 to 2014 to study the relationship between the risk of institutional investors and stock plunge in China’s securities market and to explore whether China’s institutional investors can play an active role .