중국 주식시장에서 기관투자자의 성과 특성

This study investigated the relationship between the shareholding ratio of short-term and long-term institutional investors and future stock returns in China's A-share market. The results show that institutional investors have a negative relationship with future one-quarter and one-year returns and no significant relationship with long-term returns, suggesting that institutional investors' stock forecasting ability is mainly concentrated in the short term. Short-term institutional investors have a positive relationship with stock returns one quarter and one year in the future, which is consistent with their investment objective of seeking short-term returns. Long-term institutional investors have a non-significant relationship with stock returns one quarter and one year in the future, but a positive relationship with long-term returns. After distinguishing between demand shocks and information effects, the performance of short-term and long-term institutional investors is significantly different in the short and long run, respectively. The ability of short-term institutional investors to predict future stock returns through trading is consistent with their investment objective of pursuing short-term returns. Long-term institutional investors not only possess valid information, but also pay more attention to the long-term development and value growth of companies, and the way they realize long-term investment returns is significantly different from the strategy of short-term institutional investors. These results have important implications for understanding the market behavior and investment strategies of different types of institutional investors.