机构投资者异质性对股价暴跌风险的影响研究-会计学专业论文.docxVIP

Abst Abst ract Stock price crash risk as one ofthe capital market is not mature performance，not only increases the risk of investors’investment,affects the confidence of investors， but also it distorts the stock market resource allocation function,hinders the healthy development of capital market．Compared with foreign developed mature capital market,capital market development in Our time is short,a variety of mechanisms is not yet perfect,stock prices collapse phenomenon is commonplace．In view ofthe fact that institutional investors have strong ability of information interpretation and professional analysis，to be able to fulfill their duties of supervision and developing institutional investors is considered to be of the important means to solve the problem ofthe capital market is not stable．However,with the growing of institutional investors，the stock is still frequent surge has plummeted．Th她actually is institutional investors to the companys information discbsure exert effective external supervision and give play to the role of”market stabilizer”speculators role or become unstable ”accelerator”market capital market still remains to be further discussed．Considering there many different kinds of institutional investors the capital market and different nature ofthe institutional investors have different investment preferences and shareholding motivation,plays a different role in corporate governance and capital market,it is necessary to make reasonable chssification according to the characters of institutional investors，analysis on the influence of institutional investors heterogeneity of stock price crash risk． On the basis ofrelated theories and lkerature review,this paper takes 2007—2014 listed companies of our country as the research sample，using the least square method from three dimensions of institutional investors stability, independence，shareholding ratioempirical analysis the mechanism of the institutional investors heterogeneity ofstock price crash