Institutional investors as an important participant in the stock market,Relying on professional management team and abundant funds to give full play to the advantages of its funds,technology and information.It plays a decisive role in the conversion of savings to investment.it is becoming more and more important to analyze the structure of institutional investors and their investment characteristics.Rational expectation theory and behavioral finance theory hold that institutional investors are more professional and information advantages than individual investors,and more rational,which will reduce the volatility of stock market.Therefore,the regulatory layer puts forward the policy of supernormal developing institutional investors.he purpose of the policy is to expand the strength of institutional investors,thereby changing the atmosphere of excessive speculation in China’s stock market,guiding public investors’ investment ideas and reducing the excessive volatility of stock market.However,the actual situation is that when the institutional investors continue to grow and expand,the overall operation of the stock market is still not very stable.There has been no definite conclusion in the academic world that the introduction of institutional investors is stabilizing the stock market or exacerbating the stock market volatility.Different scholars on this issue have drawn different conclusions based on different research samples,demonstration methods and theoretical basis.This paper holds that the reasons for the disunity of the existing conclusions are likely to be that the existing research has not taken some important factors into consideration.Therefore,based on the background of China’s SOE reform,taking the actual controller of A share market as a state-owned enterprise as a research breakthrough point,this paper analyzes the impact of institutional investors’ behavior on stock price volatility in China’s stock market under different circumstances of real controller.This article uses the proportion of institutional investors to represent investor behavior.Four types of institutional investors: securities investment fund,insurance,QFII,social security fund.If the actual controller of the listed company is the control variable for the state-owned enterprises,the fixed panel data of the above four kinds of institutional shareholding are analyzed. |