Research On The Impact Of Institutional Investor Heterogeneity On Stock Price Delay

The stock market is actually a market of information.The efficiency of information transmission is the key factor in the stock market is a key factor affecting the efficiency of the stock market.Although stock market in China is an emerging market,but stock market in China has obtained huge development in past 20 years.Compared with developed capital markets,China stock market is not perfect enough in market system,investment philosophy and investment knowledge and mentality.And the majority of investor in China stock market is individual investors,which make the main participants in the stock market is not only lack of the channel for collecting information,the professional ability of analyzing the information and individual investors are also lack stable and rational investment mentality.All of factors lead to lower information transmission efficiency in China stock market.In recent years,the development of institutional investors in China stock market is helpful to the market becoming better and better.As the outside shareholders of listed companies,institutional investors can participate in corporate governance and management decision making,which make them have a strong advantage in information.As the important participant of the stock market,institutional investors have professional interpretation of information,information analysis ability and the influential ability of information transmission and information guide.So the development of institutional investors plays an important role in the information transmission efficiency and efficiency of a country's capital market.In this background,this paper discusses the relationship between institutional investors and stock delay,deepened our understanding on the impact of institutional investors on the stock market.And in the case of institutional investors team increasingly diversified,sorting out different kinds of the role of institutional investors in the market information efficiency effect is helpful to improve the efficiency of China stock market.This paper provide theoretical support and policy suggestions for improving the market.On the basis of market efficiency theory,behavioral finance theory and principal-agent theory,this paper studies the influence of heterogeneous institutional investors on stock price delay by combining normative analysis and empirical analysis,and reflects the effect of heterogeneous institutional investors on stock market information efficiency.The following conclusions are drawn: Institutional investors will actually affect the efficiency of information.From the view of independence of institutional investors,the independent institutional investors have an positive effect on the supervision of listed companies,and they have an negative effect on the stock price delay.That is to say,the independent institutional is benefit for the efficiency of information in stock market.The dependent institutional investors and stock delay was significantly positive correlation,which is to say dependent institutional investors is ineffective on supervision of listed companies effect and increase the level of price delay phenomenon,slows down the stock market information transmission efficiency.From the perspective of stability of institutional investors,compared with transactional institutional investors,the inhibitory effect of stable institutional investors on stock price delay is more significant.Stable institutional investors can alleviate the phenomenon of stock price delay and promote the efficiency of stock market information transmission.