险资持股对上市公司股价波动的影响研究——基于机构投资者异质性视角

魏龙飞; 刘   璐; 朱颜萃

险资持股对上市公司股价波动的影响研究——基于机构投资者异质性视角

引用本文：魏龙飞，刘璐，朱颜萃.险资持股对上市公司股价波动的影响研究——基于机构投资者异质性视角[J].财经理论与实践,2021,(1):55-61

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作者	单位
魏龙飞，刘璐，朱颜萃	(东北财经大学金融学院，辽宁大连 116025)

中文摘要:保险机构已经成为资本市场重要的机构投资者，其在整个资本市场中的作用日益受到关注。基于机构投资者异质性的视角，对保险机构和证券投资基金、社保基金以及QFII等其他机构投资者的持股特征进行对比分析，总结梳理保险机构投资者持股的特征。并运用面板数据模型，从长期持股和持股比例变动两个方面对比分析保险机构持股与证券投资基金持股对股价波动的影响。结果表明：在样本期间内，相对于证券投资基金，保险机构长期持股起到了稳定股市的作用，但保险机构持股比例变动会加剧股市的波动。

中文关键词:机构投资者异质性保险机构股价波动

The Impact of Insurance Companies' Stock Holdings on Share Price Volatility of Listed Companies Based on the Heterogeneity of Institutional Investors

Abstract:Insurance institutions have become important institutional investors in the capital market. The role of insurance institutions in the whole capital market is increasingly concerned. Based on the perspective of institutional investor heterogeneity, this paper compares the holding characteristics of insurance institutions with securities investment funds, social security fund and QFII based on the perspective of heterogeneity, and summarizes the characteristics of insurance institutional investors. The panel data model is used to investigate the impacts of insurance institutions' shareholding and securities investment funds' shareholding on share price volatility from two aspects: long-term stock holding and the change of stock holding ratio. The results show that, during the sample period, relative to securities investment funds, long-term holdings of insurance institutions have played a role in stabilizing the stock market, but changes in the holdings of insurance institutions will exacerbate stock market volatility.

keywords:institutional investors heterogeneity insurance institutions stock price volatility

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