An Empirical Study On The Influence Of Institutional Investors On Stock Market Fluctuation

With the constant regulation of the capital market environment,institutional investors replace individuals as important market participants and affect all aspects of the stock market.2017 Year's big blue chip market is to the organization as the leading power of the plot to the extreme.The influence of institution on stock market fluctuation has already occupied the pivotal position,so the research and analysis of it has more and more profound significance.Considering the endogenous problem between institutional investors ' choice stock preference and stock fluctuation,this paper decides to select the propensity score matching model(PSM)and examine the influence of institutional investors represented by the Securities Investment Fund on the market fluctuation from the microcosmic level.The empirical results show that institutional investors tend to have good financial position,firm management and steady performance support when choosing stock,and the volatility of such stocks is usually lower.Overall,institutional investors have certainly played a role in stabilizing the market.At the same time,the results show that institutional investors usually get higher yields when buying shares,but the difference in earnings is not obvious during holding periods.As a result,investors try to track the fund's quarterly position data to guide their own stock or fund investments,often without the desired earnings.