8103 
7952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
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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.
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