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本文利用TARCH模型,从宏观角度考察了我国机构投资者对股票市场的影响。实证结果表明,随着机构投资者的规模不断扩大,对市场的影响力逐渐增强,市场的波动性反而上升。这说明了机构投资者并没有起到稳定股票市场的作用,跨越式发展机构投资者的政策并没有达到预期目标。在此基础上,本文分析了机构投资者加剧股市波动的原因,并提出相应的政策建议。
This article uses TARCH model to examine the impact of institutional investors on the stock market from a macro perspective. Empirical results show that, with the continuous expansion of institutional investors, the impact on the market gradually increased, the market volatility but increased. This shows that institutional investors did not play a stabilizing role in the stock market. The development of institutional investors by leaps and bounds did not meet the expected targets. On this basis, this paper analyzes the reasons why institutional investors aggravate the stock market volatility and puts forward the corresponding policy recommendations.