| 中国机构投资者与市场稳定性研究 |
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| 引用本文： | 陈露,周健,谢琳.中国机构投资者与市场稳定性研究[J].上海金融,2011(12). |
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| 作者姓名： | 陈露 周健 谢琳 |
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| 作者单位： | 东美基金管理有限公司,上海,200135 |
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| 摘 要： | 文章从机构投资者的投资行为出发，检验中国机构投资者是否存在羊群行为和正反馈交易，并且分析检验了在剔除宏观经济影响之后，机构投资者行为对市场稳定性的影响。检验结果表明，机构投资者存在较明显的羊群行为和正反馈交易行为，且羊群行为显著加剧股票波动。最后，针对研究结论本文提出了相应的政策建议。
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| 关 键 词： | 机构投资者 羊群行为 正反馈交易 市场稳定性 |
The Relationship between Institutional Investors and Market Stability in China |
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| Chen Lu/ Zhou Jian/ Xie Lin.The Relationship between Institutional Investors and Market Stability in China[J].Shanghai Finance,2011(12). |
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| Authors: | Chen Lu/ Zhou Jian/ Xie Lin |
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| Institution: | Chen Lu/ Zhou Jian/ Xie Lin |
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| Abstract: | The paper examines if herd behavior or positive feedback trading exists among Chinese institutional investors,and tests the impact of institutional investors' behavior on the market stability without considering the macroeconomic factor.Test results show that there is obvious herd behavior and positive feedback trading of institutional investors,and herd behavior significantly increases the fluctuation of stocks.Based on the analysis,the paper puts forward some constructive policy recommendations. |
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| Keywords: | Institutional Investors Herd Behavior Positive Feedback Trading Market Stability |
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