7970 
7484投资者的行为特征对公司特质风险有直接影响。已有文献均采用“黑箱”范式分析机构投资者对公司特质风险的影响，且结论不一。文章选取2006年至2015年的深沪A股数据，采用SEM通径分析法，从知情交易、噪声交易和公司治理三个途径，分析机构投资者对公司特质风险的作用，结论表明：机构投资者对公司特质风险同时存在刺激效应和抑制效应。刺激效应是指机构持股通过知情交易，扩张私有信息套利，推动公司特质风险上升；而抑制效应则通过公司治理降低噪声交易和私有信息套利，从而抑制特质风险。前者大于后者，总效应表现为机构持股和公司特质风险之间呈正相关性。该研究明晰了机构投资者对公司特质风险的作用机理，同时也说明在我国资本市场上，机构投资者的公司治理作用仍有待提高。
机构投资者如何影响公司特质风险：刺激还是抑制？——基于通径分析的经验证据
摘要
参考文献
3 花冯涛. 真实盈余管理、公司信息质量和环境不确定性——基于深市A股的经验研究[J]. 中国经济问题, 2017, （3）.
13 张谊浩, 陈一童. 开放式股票型基金的本地偏好研究[J]. 中国经济问题, 2016, （4）.
14 Ashbaugh-Skaife H, Collins D W, Kinney W R, Lafond R. The effect of SOX internal control deficiencies on firm risk and cost of equity[J]. Journal of Accounting Research, 2009, 47（1）: 1–43. DOI:10.1111/joar.2009.47.issue-1
16 Boehmer E, Kelley E. Institutional investors and informational efficiency of prices[J]. Review of Financial Studies, 2009, （35）: 63–94.
17 Brandt M W, Brav A, Graham J R, Kumar A. The idiosyncratic volatility puzzle: Time trend or speculative episodes[J]. Review of Financial Studies, 2010, 23（2）: 863–899. DOI:10.1093/rfs/hhp087
18 Brown G, Kapadia N. Firm-specific risk and equity market development[J]. Journal of Financial Economics, 2007, 84（2）: 358–388. DOI:10.1016/j.jfineco.2006.03.003
19 Campbell J Y, Lettau M, Malkiel B G, et al. Have individual stocks become more volatile? An empirical exploration of idiosyncratic Risk[J]. Journal of Finance, 2001, 56（1）: 1–43. DOI:10.1111/0022-1082.00318
20 Chang E C, Dong S. Idiosyncratic volatility, fundamentals, and institutional herding: Evidence from the Japanese stock market[J]. Pacific-Basin Finance Journal, 2006, 14（2）: 135–154. DOI:10.1016/j.pacfin.2005.09.001
21 Dennis P, Strickland D. The determinants of idiosyncratic volatility[R]. Working Paper. 2005.
22 Fama E, French K. New lists: Fundamentals and survival rates[J]. Journal of Financial Economics, 2004, （73）: 229–269.
23 Gebhardt W, Lee C, Swaminathan B. Towards an ex-ante cost of capital[J]. Journal of Accounting Research, 2001, 39（1）: 135–176. DOI:10.1111/1475-679X.00007
24 Hu C H, Liu S S. The implications of low R2: Evidence from china emerging markets[J]. Finance and Trade, 2013, 49: 17–32.
25 Huang H W, Dao M, Fornaro J M. Corporate governance, SFAS 157 and cost of equity capital: Evidence from US financial institutions[J]. Review of Quantitative Finance and Accounting, 2016, 46（1）: 141–177. DOI:10.1007/s11156-014-0465-1
26 Miyajima H, Hoda T. Ownership structure and corporate governance: Has an increase in institutional investor ownership improved business performance? [J]. Public Policy Review, 2015, （11）: 227–251.
27 Xu Y, Malkiel B. Investigating the behavior of idiosyncratic volatility[J]. Journal of Business, 2003, 76 （4）: 613–644. DOI:10.1086/jb.2003.76.issue-4
引用本文
花冯涛. 机构投资者如何影响公司特质风险：刺激还是抑制？——基于通径分析的经验证据[J]. 上海财经大学学报, 2018, 20(1): 43–56.
导出参考文献，格式为：
