| China,as a representative of rising country with 30 years' rapid development of institutional investors and substantially enhancement of shareholding has shown a diversified trend including Fund,QFII,Trust,Social Security Fund,Brokerage,Insurance,Finance and Enterprise Annuity.The official arrival of stock market's expansion ends the retail investors leading era.Therefore,the study of institutional investors has become a hot topic followed by scholars at home and abroad.Recent years,with the further reform of China's financial system,institutional investors are developing rapidly,and investment behaviors of different institutional investors has emerged great differences gradually.Qualified Foreign Institutional Investor,as the main body of overseas investment,compared with domestic institutions,was established earlier,has strong financial strength,rich management experience and unique investment concept,and pursues long-term value investment concept.Therefore,the comparative analysis of QFII and domestic institutions to study the differences of their stock investment preferences will have positive significance to better play its guiding role in China's stock market.The purpose of this paper is to explore the characteristics of institutional investors' stock investment behavior at the present stage and to research on heterogeneity of stock investment behavior of different types of institutional investors.This paper uses the quarterly institutional stock ownership data from 2007 to 2018(of which 2018 is the first quarter and the second quarter)among eight institutional investors including Fund,QFII,Trust,Social Insurance Fund,Brokerage,Insurance,Finance and Enterprise Annuity.From the financial perspective,combined with market performance and other indicators,through descriptive analysis,correlation analysis and Tobit regression model,this paper makes an empirical analysis of institutional investors' stock investment preference.Empirical results show that the investment behavior of insurance companies is similar with QFII.The investment behavior of other institutional investor has obvious short-sighted investment behavior.Finance and Enterprise Annuity do not have paticular investment ieads and blindly follow up.All of these increase the investment risk,which will have a negative impact on their own development and the order of the stock market.Based on the conclusion of the study,the policy suggestions are put forward: Our government should relax the restrictions on the main body of foreign institutional investors entering our country,increase their shareholding ratio,strengthen the supervision of foreign institutional investors,encourage their long-term investment,effectively guide domestic institutional investors to improve themselves,and gradually standardize the order of our stock market. |
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