| Since the Reform and Opening-up,the process and efficiency of the development of China’s real economy have been advancing continuously.According to the evaluation of purchasing power,China has become the largest economy in the world in 2014.It is estimated to have the title of "the world’s largest economy" by 2025.China’s economy is supported by the real economy,and it also depends on the real economy to the future,and the healthy development of the real economy can not be separated from a mature and sound financial system.In recent years,as a part of the main board market,China’s small and medium-sized board market has developed rapidly in the financial system at a faster pace.In view of the fact that small and medium-sized listed companies have some problems in their own development,SME board is facing more and more risks.Facing the increasing complexity of the international economic situation in recent years and the background of the new stage of our economic restructuring,the party and the government reports in The 19 th session of National Congress of the CPC,that we should "hold the bottom line of non systemic financial risks".Therefore,the primary task of the current SME board in China is to prevent the outbreak of systemic financial risk.The key to prevent systemic financial risks is to ensure the effectiveness of SME board operation,that is,to ensure the basic functions of the SME board play a role.Using the description of the functions of the famous economists Merton,Body and Ross,this paper divides the basic functions of the SME board into three categories:(1)the capital pricing function,that is,the stock price in the capital market reflects the real intrinsic value of the company,and provides the effective information for the investors;(2)the allocation function is to guide the resources to be allocated to the people with good development potential;(3)the financing and investment function,that is,the capital market can provide a reasonable price of financial assets for the two sides of the capital supply and demand,and promote the achievement of the transaction.If the capital market can effectively play these three functions,the systemic financial risk and the stock price anomalies can be found early,and the probability of systemic risk increases once the basic functions of a certain category or several categories are affected.The types of institutional investors in the current SME board are increasingly diversified,and the different types of institutional investors are called "heterogeneous institutional investors".They generally have the characteristics of high investment,rich experience and participation in the management and supervision of the listed companies,so their behavior has a strong influence on these basic functions of the capital market.In view of this,the main contents and conclusions of this article are:(1)On the basis of analyzing the relevant previous literature and theoretical analysis,I discuss the issue of behavior differentiation of heterogeneous institutional investors.From the perspective of philosophical,sociological and psychological deviations,this paper discusses the intrinsic motivation of the differentiation of heterogeneous institutional investors,and discusses the differentiation of investors with investment behavior,supervision behavior and intervention behavior.According to this,the six types of institutional investors in China’s capital market are divided into "long-term investors" and "short-term investors",according to the exchange rate of buying and selling stocks;(2)Based on the theoretical viewpoint that investors have heterogeneous beliefs in behavioral finance,by solving the equilibrium model and empirical research,it is shown that the investors of heterogeneous institutions can be divided into "momentum" and "reversal" ones.The behavior of the two parties will affect the intrinsic value of the stock.When the influence is large enough,the capital market can not reflect the true intrinsic value of enterprises through the stock price.And it shows that the differentiation of investment behavior of heterogeneous institutional investors has an impact on the capital pricing function of SME board;(3)Through the analysis of static game model,it is found that the heterogeneous institutional investors can be divided into "positive supervisor" and "negative supervisor".The empirical point out that the company’s development will be influenced by the different supervision behavior of the heterogeneous institutional investors.So,the scale of the company’s financing is not necessarily matched with its real strength,which indicates the differentiation in supervision of the heterogeneous institutional investors has an impact on the resource allocation function of SME board;(4)Based on Marx’s basic view that "the essence of stock is virtual assets,its market price is determined by investors anticipating dividends",the empirical study indicates that other investors will be influenced by the differentiation of intervention behavior of the heterogeneous institutional investors,so the rational prediction can not be made.When the expectation is disturbed,the stock price may be unreasonable and the market effective transaction is difficult to reach.It shows that the differentiation of the intervention behavior of the heterogeneous institutional investors has an impact on the financing function of SME board.On the basis of the above conclusions,the relevant suggestions are: to unify the understanding of the reasons for the outbreak of the systemic financial crisis,to form a long-term mechanism for monitoring the volatility of the stock price,to form a model for guiding rational investment behavior and to further improve the disclosure mechanism of financial information.The possible innovations in this article are as follows:(1)The research perspective is innovative.Based on three theoretical perspectives,behavioral finance theory,corporate governance theory and Marx’s economic theory,this paper studies the relationship between the behavior differentiation of heterogeneous institutional investors and the three basic functions of capital market.(2)The academic thought is innovative.The third chapter puts forward that the differentiation of investor behavior in heterogeneous institutions has internal motivation and external performance,so it can be divided into "long-term-belief investors" and "short-term-belief investors".In the later discussion,empirical research shows that long-term-belief investors are also momentum and active regulators,while short-term-belief investors are reversals and passive regulators.This is a new academic thought in the related research field.(3)The means of research are innovative.The fourth chapter of this paper builds a general equilibrium model to study the heterogeneity of institutional investors on the stock intrinsic value theory;Also in this chapter,the empirical test builds two different investment strategies according to the characteristics of long-term-belief investors and short-term-belief investors,in order to verify whether the market appears momentum or reverse effect,which are two types of stock price anomalies;The fifth chapter sets up two types of static game model,based on the hypothesis of different cost of institutional investors when they supervise the companies,to find out that heterogeneous institutional investors can be divided into positive and negative regulators.These kinds of means above show some innovations.To sum up,the results of this paper will help us to better understand the internal causes and specific types of heterogeneous institutional investors’ behavior differentiation,and help to understand the function of the heterogeneous institutional investors’ behavior differentiation on the capital pricing function,the resource allocation function and the fund-raising investment function of the SME board,which is an important sub market of the capital market.The idea of this research is to prevent China’s capital market incur systemic financial risks and provide new thoughts to achieve the goal of ―Perfecting the financial supervision system and keeping the bottom line of non systemic financial risk happened‖promoted in the report of The 19 th session of National Congress of the CPC.So,the conclusions of this paper have some innovation and practicability. |
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