CAJ | 학술논문

根据我国证券投资基金的交易特点，按照其换手率特征将机构投资者分为长期投资者与短期机会主义者。在此基础上，从长期、短期机构投资者对资本市场的影响进行了研究，发现短期机构投资者的持股变化比例对收益率以及市场的稳定性的影响较长期投资者显著影响市场收益率和市场稳定性。结论表明短期机构投资者的交易变化导致加剧了市场波动，而长期机构投资者对稳定市场具有一定的作用。
근거아국증권투자기금적교역특점，안조기환수솔특정장궤구투자자분위장기투자자여단기궤회주의자。재차기출상，종장기、단기궤구투자자대자본시장적영향진행료연구，발현단기궤구투자자적지고변화비례대수익솔이급시장적은정성적영향교장기투자자현저영향시장수익솔화시장은정성。결론표명단기궤구투자자적교역변화도치가극료시장파동，이장기궤구투자자대은정시장구유일정적작용。
Based on the trading characteristics of institutional investor, long - term and short - term institutional investors are separated. We study the different type institutional investors＇ impact on the financial market. The results show that long- term and short -term institutional investors have different preference on selecting stocks. Furthermore, short - term institutions＇ trading forecasts future stock returns. Short - term institutions＇ trading is also positively related to stock volatility. By contrast, long - term institutions＇ trading does stabilize the market.