金融科技、信息质量与机构投资者羊群行为

当代财经 ›› 2023, Vol. 0 ›› Issue (9): 55-68.

金融科技、信息质量与机构投资者羊群行为

魏成龙, 郭琲楠, 郭诚诚

北京师范大学政府管理学院,北京 100875

收稿日期:2023-03-21 修回日期:2023-07-12 出版日期:2023-09-15 发布日期:2023-09-15
通讯作者: 郭琲楠,北京师范大学博士研究生,主要从事金融科技创新研究,联系方式gbnmelody@163.com。
作者简介:魏成龙,北京师范大学教授,博士生导师,管理学博士,主要从事金融创新与规制研究;郭诚诚,北京师范大学博士研究生,主要从事绿色金融研究。
基金资助:
国家社会科学基金重点项目“中国机构投资者异化行为与监管政策研究”（19AGL012）

Fintech, Information Quality and Herd Behavior of Institutional Investors

WEI Cheng-long, GUO Bei-nan, GUO Cheng-cheng

Beijing Normal University, Beijing 100875, China

Received:2023-03-21 Revised:2023-07-12 Online:2023-09-15 Published:2023-09-15

摘要/Abstract

摘要： 传统羊群行为生成机理研究范式认为,不完全信息是造成机构投资者羊群行为的重要因素。金融科技在资本市场的运用能否提升信息质量进而降低机构投资者羊群行为,对于实现资本市场高质量发展具有重要意义。从金融科技关注度、金融科技公司数量和金融科技政策支持力度三个维度综合衡量各个省份的金融科技发展水平,并基于中国2011—2021年A股上市公司数据的实证研究表明,金融科技有效降低了机构投资者羊群行为,信息平衡性、信息披露性、信息传递性和信息获取性的提升是金融科技发挥作用的重要途径。异质性分析表明,金融科技在位于中西部地区和金融市场化程度较低地区、属于高科技行业和非主板上市的公司,以及卖方羊群子样本中展现了对机构投资者羊群行为更强的抑制作用。进一步分析表明,金融科技可以缓解机构投资者羊群行为引发的股票定价效率低下和崩盘风险等负面经济影响。因此,要进一步加强金融科技在资本市场中的运用,为营造高度透明的信息环境提供现代科技支持。

关键词: 机构投资者, 羊群行为, 金融科技, 信息质量

Abstract: The traditional research paradigm of the formation mechanism of herd behavior believes that incomplete information is an important factor causing the herd behavior of institutional investors. Whether the use of fintech in the capital market can improve the quality of information and thus reduce the herd behavior of institutional investors is of great significance for achieving high-quality development of the capital market. From the three dimensions of fintech attention, the number of fintech companies and fintech policy support, this paper comprehensively measures the level of fintech development in each province. Based on the empirical research of China's A-share listed companies from 2011 to 2021, the findings show that fintech has effectively reduced the herd behaviors of institutional investors, that the improvement of information balance, information disclosure, information transmission and information acquisition is an important way for fintech to play a role. The heterogeneity analysis reveals that fintech shows a stronger inhibitory effect on institutional investors' herding behavior in the companies located in the central and western regions and regions with lower financial marketization, the companies belonging to high-tech industries and the non-mainboard listed companies, as well as the sub-samples of sellers' herding. Further analysis shows that fintech can alleviate the negative economic effects such as lower stock pricing efficiency and crash risks caused by the herd behavior of institutional investors. Therefore, it is necessary to further strengthen the application of fintech in the capital market and provide modern scientific and technological support for creating a highly transparent information environment.

Key words: institutional investors, herd behavior, fintech, information quality

中图分类号:

F830.91

魏成龙, 郭琲楠, 郭诚诚. 金融科技、信息质量与机构投资者羊群行为[J]. 当代财经, 2023, 0(9): 55-68.

WEI Cheng-long, GUO Bei-nan, GUO Cheng-cheng. Fintech, Information Quality and Herd Behavior of Institutional Investors[J]. Contemporary Finance & Economics, 2023, 0(9): 55-68.

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