CAJ | 학술논문

文章从机构投资者持股规模、持股集中度、持股稳定性三个方面归纳不同类型机构投资者持股特征，采用Log-it回归检验机构投资者持股特征对上市后股票购买并持有异常回报率（BHAR），即IPOs长期绩效的影响。实证结果验证了机构投资者持股比例越高、持股稳定性越强，股票上市后的长期绩效越好；而持股比例低、持股集中度高、持股稳定性差的机构投资者也导致了股票长期表现较差。积极型机构投资者对股票长期绩效具有正面的影响。因此，引入积极型机构投资者符合当前我国股票市场深化改革的目标。
문장종궤구투자자지고규모、지고집중도、지고은정성삼개방면귀납불동류형궤구투자자지고특정，채용Log-it회귀검험궤구투자자지고특정대상시후고표구매병지유이상회보솔（BHAR），즉IPOs장기적효적영향。실증결과험증료궤구투자자지고비례월고、지고은정성월강，고표상시후적장기적효월호；이지고비례저、지고집중도고、지고은정성차적궤구투자자야도치료고표장기표현교차。적겁형궤구투자자대고표장기적효구유정면적영향。인차，인입적겁형궤구투자자부합당전아국고표시장심화개혁적목표。
The paper summarizes the characteristics of different types of institutional investors’share-holding from three per-spectives of size,concentration and stability of share-holding,and applies Logit regression to test the effect of the characteris-tics of institutional investors’share-holding on buy-and-hold abnormal returns after the listing of stocks, that is IPOs long-term performance. The results show that the proportion and stability of share-holding are significantly positively correlated with the IPOs long-term performance,while the low proportion,high concentration and weak stability of institutional investors lead poor long-term performance. Positive institutional investors have a positive impact on long-term performance of stocks. Therefore,cultivating more positive institutional investors will meet the goals of the current deepening reform of China’s stock market.