Research On The Influence Of Information Advantages On The Investment Behavior And Revenue Of Institutional Investors

Since 2000,China has implemented a policy of an ultra-regular development institution with the goal of “stabilizing the capital market,guiding capital flows,and participating in corporate governance”.Institutional investors have become major players in the capital market,and their operations have become increasingly prominent.Due to its own characteristics of investment management specialization,investment structure composition,and investment behavior standardization,institutions have certain advantages in information discovery and information processing in the capital market,that is,institutional investment has information advantages.The advantage of selective information is reflected in institutional investors' aversion to intangible information(value-driven trading)preferences and unexpected information(event-driven transactions),which in turn affects institutional investment behavior and its benefits.In order to examine the effect of organizational information superiority on its investment behavior and investment returns,we explore its mechanism of action from both theoretical and practical perspectives and the effects of different information characteristics on institutional investment strategies.This paper conducts a variety of theoretical and empirical test.First of all,in the analysis framework of "cost-benefit-risk",the institutional investment decision-making mechanism based on information discovery is explained.Based on institutional investment theory,investment portfolio theory and information superiority theory,based on the premise that institutions have information advantages,and on the basis of asset allocation methods,we build institutional investment strategies under the framework of “cost-benefit-risk” analysis.The mathematical model of information content describes the investment behavior preferences and adjustment mechanisms of institutions,and on this basis,puts forward the problems to be tested.Second,in order to study the influence of institutional investors' information superiority on their investment behavior,a sensitivity analysis of institutional investment behaviors on intangible information and unexpected information was conducted.The empirical results show that in the institutional investment behavior,the level of institutional holdings and increase in holdings increase with the increase of intangible information,preferring to invest in growth-oriented companies' value investment strategies;when using virtual classification standards,institutional investment tends to be low There are and reductions in stocks containing unexpected information,preferring low-risk hedge investment strategies,but the level of unexpected information does not have a significant impact on institutional investment behavior;the number of institutional shareholders and intangible information are inverted U-shaped;Finally,in order to study the influence of information superiority of institutional investors on their investment returns,the impact analysis of intangible information and unexpected information on stock returns(institutional returns)and the mediating effects of institutional investment behaviors were examined.Multiple regression results show that unexpected information and intangible information are accompanied by higher stock returns and excess returns.Institutions adjust investment strategies according to information characteristics,which are manifested as preference for intangible information and dislike of malicious foreign information,and institutional investment behavior plays a significant role in it.Mediating effect.The research conclusions support the organization's information superiority theory,and the institution is selective on different information,starts with information preferences,opens a new perspective for research on institutional investor investment behavior,and provides new ideas for institutions to use information superiority to obtain excess returns.It provides inspiration for the institutional investor's strategy and policy supervision.