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随着我国机构投资者的发展壮大,股票市场却起起伏伏,机构投资者是风险抑制者还是助推器?基于2006-2010年沪深两市A股上市公司的样本,在根据机构投资者持股时间的长短将公司前十大流通股东中的机构投资者划分为长期机构和短期机构的基础上,探讨了长短期机构投资者持股对公司财务风险和市场风险的影响。研究发现:长期机构投资者持股比例越高,长期机构投资者数量越多,公司财务风险和市场风险越低,且在两权分离,即代理问题更为严重的公司,长期机构投资者降低公司财务风险和市场风险的作用更大;而短期机构投资者对降低公司风险没有影响。
With the development and expansion of institutional investors in China, the stock market has ups and downs, institutional investors are risk-averse or booster? Based on the 2006-2010 A-share listed companies in Shanghai and Shenzhen stock markets, according to institutional investors On the basis of dividing the institutional investors in the top 10 tradable shareholders into long-term institutions and short-term institutions, the paper investigates the impact of long-term institutional investors holding on the financial and market risks of the company. The study found that: the higher the proportion of long-term institutional investors, the more long-term institutional investors, the lower the company’s financial risk and market risk, and the long-term institutional investors reduce when the two rights are separated, that is, companies with more serious agency problems Corporate financial and market risk play a larger role, while short-term institutional investors have no impact on reducing corporate risk.