The Research For The Heterogeneity Of Institutional Investors And Stock Price Crash Risk

Stock price crash risk as one of the 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 of the 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 one of the important means to solve the problem of the capital market is not stable. However, with the growing of institutional investors, the stock is still frequent surge has plummeted. That, actually is institutional investors to the company’s information disclosure 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 are many different kinds of institutional investors on the capital market and different nature of the 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 classification according to the characters of institutional investors, analysis on the influence of institutional investors heterogeneity of stock price crash risk.On the basis of related theories and literature 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 on the mechanism of the institutional investors heterogeneity of stock price crash risk, in order to prevent stock price crash risk and optimize the structure of institutional investors to provide theoretical foundation and empirical basis.The empirical results show that there is a significant negative correlation between institutional investors and stock prices; Taking into account the heterogeneity of institutional investors, it is found that the robust institutional investors are negatively related to stock price crash risk, and the trading mechanism is positively related to the stock price crash risk; Independent institutional investors can suppress stock price crash risk, unindependent institutional investors do not play the same role;Compared to small institutional investors, large institutional investors more able to suppressstock price crash risk.The main contents of this paper include the following parts:the first chapter is the introduction, introduces the research background, research purpose and research significance; then defines the related concept of stock price crash risk and institutional investors, a clear research object; finally introduces the research ideas, research methods and research innovation. The second chapter is the theoretical basis and literature review, briefly introduces the efficient market theory, principal-agent theory, information asymmetry theory, corporate governance theory and the theory stock price crash risk causes; Then from stock price crash risk, institutional investors, institutional investors heterogeneity and stock price crash risk and institutional investors heterogeneity four aspects to review relevant research literature at home and abroad, summarizes the existing research results, carries on the literature review, looking for a new research direction. The third chapter is the research design and on the related concepts and theories based on the proposed research hypotheses; then introduces the criteria for sample selection, variable metric, based on the assumptions of the study to establish the multiple linear regression model. The fourth chapter is the empirical results and analysis, describing the characteristic of variable data, correlation analysis, the empirical model using OLS regression to test, and test the robustness of the establishment of the model. The fifth chapter is the conclusion of the study and research prospects. The innovation of this paper is to explore the impact of institutional investors on stock price crash risk based on the perspective of heterogeneity, providing empirical evidence for the relevant research.