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从机构投资者行为模式与资本市场定价效率关系的角度出发,对我国机构投资者行为模式进行归纳总结,并利用证券投资基金的持股数据实证研究了基金持股行为及持股变动对资本市场定价效率的影响,研究发现我国证券投资基金的持股及持股变动行为在总体上有利于提高资本市场的定价效率。
From the perspective of the relationship between institutional investor behavior and capital market pricing efficiency, this paper summarizes the institutional investors’ behavior patterns in China and uses the data of securities investment funds to empirically study the influence of fund holding behavior and changes of holding shares on the capital market Pricing efficiency, the study found that the behavior of holding stocks and holding shares in China’s securities investment funds is generally conducive to raising the pricing efficiency of capital markets.