为了研究机构投资者对中国上市企业的股票价格的影响，本文分为五章。第一
章是本文的引言部分。主要介绍了本文的研究背景、国内外文献综述、研究方法和
研究内容，为本文的写作奠定了基础。第二章是机构投资者对上市公司股价影响的
理论基础。主要从四个方面进行分析和描述。第三章是机构投资者对上市公司股价
影响的实证研究，是本文的实证研究部分。第四章是我国机构投资者的羊群行为和
反馈交易行为产生的原因和策略；第五章是对全文进行了总结分析和研究。本文在
研究过程中，为了能够得到预期分析目标，分别采取了不同的行情市场进行分析，
最终得出机构投资者对股票价格的波动会产生影响，不同行情市场，表现出的影响
很大的不同。牛市行情下，机构投资者所持有股票的比例与股票的价格呈现出波动
成负相关关系，在熊市行情下，机构投资者所持有股票的比例与股票的价格波动无
显著关系
关键词：机构投资者；上市公司股价；影响；实证研究我国机构投资者对股票价格影响的实证研究
I
ABSTRACT
In the era of rapid economic development, economic efficiency has become an
important indicator to measure the enterprise value, in order to achieve good economic
benefit, a good investment plan is a very important foundation, under the market demand,
institutional investors arises at the historic moment, is the manifestation of investment
professional. The shares of listed companies are influenced by various factors and the
fluctuations, including institutional investors is a more important factor. With the
increase of number of listed companies, institutional investors team are also growing.
From the perspective of the theory of institutional investors than for small and medium
investors in the capital and technology has significant advantages, their behavior will be
the most direct impact on the listed company&39;s share price, so study the behavior of
institutional investors can provide important basis for exploring the stock price. Through
exploring the influence of institutional investors for shares, help to better promote the
development of institutional investors in China, provides a stable base for the
development of China&39;s market diversification, create a suitable for China&39;s institutional
investors to implement the investment behavior of the market environment, to promote
the enterprise management theory references for better regulation of institutional
investors.
In order to study the institutional investors in China the influence of the stock prices
of listed companies, this paper is divided into five chapters. The first chapter is the
introduction part of this article. Mainly introduced in this paper, the research background,
domestic and foreign literature review, research methods and research content, which laid
a foundation for the paper writing. The second chapter is on the impact of institutional
investors on the listed company&39;s share price. Mainly from the four aspects carries on the
analysis and description. The third chapter is on the impact of institutional investors on
shares of listed companies empirical research, is the empirical research part of this article.
The fourth chapter is China&39;s institutional investors cause of herd behavior and feedback
trading behavior and strategy; The fifth chapter is the analysis of the full text is
summarized and studied. In this paper, in the process of research, in order to be able to
in-depth analysis of institutional investors behavior on the fluctuation of stock price,
respectively adopted different market analysis, finally concluded that institutional
investors affect stock price fluctuations will, different prices in the market, showing theABSTRACT
II
influence of also have significant differences. Bull market, institutional investors holding
negative correlation with stock price fluctuations, in the bear market, institutional
investors holding no significant relationship with stock price volatility.
KEYWORDS: Institutional investors; Stock price of listed companies; Effect; Empirical
study我国机构投资者对股票价格影响的实证研究目 录
第一章 引言.....1
第一节 研究背景..........1
一、理论研究综述.1
二、研究意义.........2
第二节 国内外文献综述..........3
一、国外文献综述.3
二、国内文献综述.4
三、小结.....4
第三节 研究方法和内容..........5
一、研究方法.........5
二、研究内容.........5
第二章 机构投资者对上市公司股价影响的理论基础.........7
第一节 机构投资者的概念......7
第二节 机构投资者的发展历程..........7
一、探索阶段.........7
二、规范化阶段.....8
三、超常规发展阶段.........8
第三节 机构投资者的特点......8
一、机构投资者数量增多.8
二、基金持股过多.9
三、交叉持股严重.9
第四节 机构投资者对股价影响的理论分析..9
一、信息不对称.....9
二、股票价格的影响因素.9
三、价值投资理论...........10
第三章 机构投资者对上市公司股价影响的实证研究.......11目录第一节 模型选择.........11
一、羊群行为模型11
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