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论文基于我国证券市场A股上市公司2005-2014年的年报数据,对股价同步性和机构投资者持股之间的关系进行了分析和检验。同时,考虑到现金股利政策对投资者持股模式的影响,论文将样本按照现金股利发放与否分为两组,分别检验两样本中股价同步性与机构投资者持股之间的关系。结果表明,从整体上来说,机构投资者持股能降低股价同步性;而从股利政策的角度来看,现金股利的发放通过影响机构投资者投资模式的选择,进而影响机构投资者降低股价同步性的效果。
Based on the annual report data of A-share listed companies in China’s securities market from 2005 to 2014, the paper analyzes and tests the relationship between the stock price synchronization and institutional investors holding. At the same time, considering the impact of cash dividend policy on the shareholding of investors, the paper divides the sample into two groups according to the cash dividend distribution or not, examines the relationship between the stock price synchronicity and the institutional investors’ shareholding respectively in the two samples. The results show that, overall, institutional investors can reduce the stock price synchronization; from the perspective of dividend policy, cash dividend distribution by affecting the choice of institutional investors, investment patterns, and thus affect the institutional investors to reduce the stock price synchronization Sexual effects.