持股限制对机构投资者投资行为的影响地研究.pdf

Abstract Abstract limitationrefersto ofinstitutionalinvestors the holdshares Holdings proportion inthe ofalisted inallofits investors company holdings．Institutionalshareholding willbe tovarious its to want subject restrictions，butagencyrelationshipthey maximizethereturnontheultimate this goal．Inpaper,institutionalinvestors，subject to behaviorofthe ofinvestmentdecisions restrictions，the implementation ownership factors inordertoachieverevenue onthe of and maximization,based price trading andcontrarian toachieverevenuemaximization． volume，momentum strategies Stakelimitthat institutionalinvestorsto theirinvestment requires adjust tothestakeinordertOachievemaximum behavior,according revenue．Optimistic aboutthe ofthe inthe ratioislow, premise holdingcompany shareholding institutionalinvestorsandthe ofthemomentumacts implementation continuously untilboundthe institutionalinvestors increasingposition by shareholdingsystem．As to attractindividualinvestors continue feedbackeffect,to buy,sharespositive trading to momentumbehaviorchasethestock torisefurth