The Research On The Influence Of Institutional Investors’Behavior Patterns On Pricing Efficiency Of Capital Market

In recent years, in China capital market institutional investor expanded unceasingly, at present there already formed multiplex pattern, include the fund company, negotiable securities company, the insurance company, the society guaranteed fund, QFII and so on. Since long researchers universally are not taken the institutional investor’s behavior as an important variable for the capital market fixed pricing efficiency. Therefore, this is not only caused to the capital market efficiency one-sided understanding, and also caused the people neglected the institutional investor to the capital market influence.This article analysis the relations of the institutional investor’s behavior and the capital market fixed pricing efficiency, and it will be helpful to enhances the China capital market fixed pricing efficiency positive, and it will promotion benign interaction between institutional investor and the capital market, also provides the theory basis for the management formulation institutional investor development and the supervision aspect’s policy. Therefore this article research has the important theory significance and the actual value.This article has carried on the limits to the institutional investor behavior pattern’s concept, and had expounded the concrete manifestation of the institutional investor behavior, and also carries on the detailed description to institutional investor’s investment decision pattern, and the influencing factor. Based on this, we obtains from the effective market theory and the capital market efficiency, and carried on the definition to the capital market fixed pricing efficiency, and elaborated the capital market fixed pricing efficiency influencing factor and the main manifestation in detail. This article explained the confirmation institutional investor behavior pattern to the capital market fixed pricing efficiency real influence necessity. Therefore, the article has establishes the comprehensive target survey system (owns stocks by chance, owns stocks the change, momentum transaction and flock of sheep behavior), simultaneously has also established the capital market fixed pricing efficiency comprehensive survey target, the mathematical models, thus surveys the relation between the variable relevance, so as to weighs the influence between the institutional investor behavior pattern and the capital market fixed pricing efficiency.Finally, in view of institutional investor’s behavior pattern, the article has conducted the empirical study between the owned stocks, owns stocks the change, the momentum transaction and the flock of sheep behavior and the capital market fixed pricing efficiency, and discovered that owns stocks by chance has inverse correlation with the momentum transaction, and owned stocks has inverse correlation with the momentum transaction, simultaneously has the inverse correlation with the flock of sheep behavior. Thus we obtains that the momentum transaction is advantageous in raises the capital market fixed pricing efficiency, but the flock of sheep behavior does not favor raises the capital market fixed pricing efficiency. In view of the empirical study result, this article put forward the corresponding policy proposal.