| With the maturity and perfection of China's stock market in recent years,institutional investors have gradually replaced retail investors with their professional advantages as the most important force in the securities market,and their investment behavior has become the vane of the securities market,leading the flow of funds to retail investors.Since the emergence of institutional investors,scholars have never stopped their research on institutional stock ownership preference.Because of the late start of the securities market in China,the research on institutional stock ownership preference in China has made great progress in recent years.An important direction of the research is to study the characteristics of institutional stocks,but most of them are limited to the financial indicators of listed companies.Based on the analysis of the geographical characteristics of A-share listed companies held by China's stock and mixed funds from 2013 to 2017,this paper focuses on investigating whether the fund investment institutions have inspected the cities in which the listed companies are located when making stock-holding decisions,and also on the analysis of the comprehensive competitiveness of the cities in which the listed companies are located and the related economic indicators of the cities.It is concluded that the comprehensive competitiveness of the city affects the stock ownership decision of the fund institutions,and the stronger the comprehensive competitiveness of the city in which the listed companies are located,the more preferred the fund institutions are to hold the stock of the listed companies in the city.The proportion of GDP per capita and the degree of opening up have significant effects on the stock-holding preference of the fund for the listed companies in the city,and it is proportional to the proportion of GDP per capita in the city and inversely proportional to the degree of opening up. |
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