The Study Of Effects Of Major Institutional Investor On Stock Market Efficiency

In 2000,the China Securities Regulatory Commission proposed a strategy to cultivate and develop institutional investors in an extraordinary way,and implemented the QFII system in 2002.Benefiting from the policy dividend,institutional investors in China's capital market have developed rapidly,and at the same time,institutional investment.As an investment subject,its influence on market efficiency is also receiving more and more attention from academic circles and markets.Are institutional investors considered to be “value investors” playing a role in promoting the market? Do different institutional investors have the same effect on market effectiveness? Are institutional investors having the same impact on the stock price information of companies of different natures? This is all our focus.As a measure of the content of stock price information,Synchronicity has been recognized by the mainstream of the academic community.According to the information interpretation,the higher the stock price synchronization,the more the company's stock price reflects the market information,and the lesser the company's trait information.The stock price information is low,and the securities market is also less efficient.As an important indicator to measure the effectiveness of the market,China's stock price synchronicity has been at a relatively high level,that is,China's market operating efficiency is at a low level.There are many ways for institutional investors to influence stock price synchronicity.At present,the main research focuses on holding stocks and investment behaviors.It is generally believed that institutional investors' shareholding behaviors can help reduce stock price synchronicity,reduce trading behavior and increase stock price synchronicity.Twoway possible.This paper breaks down institutional investors into five types of institutional investors: Fund,Sec,QFII,Insu and Pens,and study the impact of their shareholdings and trading behavior on stock price synchronicity.China's listed companies usually have actual controllers,which play a leading role in the company,and often have violations of the interests of small and medium shareholders,usually by controlling the quality and quantity of company information disclosure.Covering the infringement of facts,which directly affects the release of company trait information,have effects on stock price information of the company,and have effects on the company's stock price trajectory ultimately.Based on this,this paper further explores whether the influence of institutional investors' shareholdings and trading behavior on the stock price information content of different equity structure companies is the same.Based on the above discussion,the possible innovations of this article are as follows:1.In the research object,most of the previous research focused on the influence of institutional investors or securities investment fund companies on the effectiveness of stock markets,lack of research materials for other types of institutional investors,and different institutional investors There are big differences in investment objectives,boundaries and styles,and the effects on the market are not the same.Therefore,exploring different kinds of institutional investors' impact on market effectiveness systematically is of great benefit to policy formulation and optimization of investor structure.of.Based on this,this paper divides the main institutional investors into five categories: fund,brokerage,QFII,insurance company and social security fund,and studies the influence of the shareholding and trading behavior of different institutional investors on the stock market effectiveness;2.In the research content,most of the previous researches on the market effectiveness of institutional investors are to examine the single behavior in the stock holding behavior or trading behavior,and lack the literature to study the two ways together.This paper examines the impact of both institutional holdings and trading channels on the market,and the results are more reliable than a single approach;3.From the perspective of research,based on the study of the influence of shareholding and trading behavior of different institutional investors on the stock market effectiveness,based on the perspective of corporate governance on stock price synchronicity,further explore institutional investors' shareholdings.And the impact of trading behavior on the synchronicity of stock prices of companies with different shareholding structures.