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由于知情交易收益的对立,机构投资者之间存在信息竞争并由此产生差异化的积极主义行为与交易行为,因此信息竞争最终会影响到公司股价的崩盘风险。本文用机构投资者股权分布均衡程度衡量信息竞争,基于中国A股市场2008-2014年数据的实证分析表明:机构投资者信息竞争与股价崩盘风险之间呈现正向关系,即机构投资者的信息竞争行为可能会加大股价崩盘风险;基于机构投资者持股稳定性的分析也表明,信息竞争的公司治理途径相对于交易行为途径对股价崩盘产生了更大影响;在控制内生性以及其他稳健性检验中本文结论依然成立。本文结论扩展了机构投资者与股价稳定关系的相关研究,为监管部门制定相关市场稳定政策提供了新视角。
Due to the confrontation of the benefits of informed trading, there is information competition among institutional investors and resulting differentiated activism and trading behavior. Therefore, the information competition will ultimately affect the risk of the company’s stock price crashing. This paper measures the information competition based on the equilibrium distribution of institutional investors ’equity. The empirical analysis based on the data of China’s A-share market from 2008 to 2014 shows that there is a positive relationship between the institutional investors’ information competition and the stock price crash risk, that is, the information of institutional investors The analysis on the stability of institutional investors’ ownership also shows that the way of corporate governance with information competition has a greater impact on the stock price crash than the transactional behavior. In controlling endogeneity and other stability The conclusion of this paper is still valid in sexual testing. The conclusion of this paper extends the research on the relationship between institutional investors and the stock price stability, which provides a new perspective for the regulatory authorities to formulate the relevant market stability policy.