發(fā)布時(shí)間：2018-01-10 19:16

  本文關(guān)鍵詞：中國股票市場機(jī)構(gòu)投資者信息優(yōu)勢的實(shí)證分析　出處：《復(fù)旦大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 機(jī)構(gòu)持倉 機(jī)構(gòu)交易 股票未來收益率 信息優(yōu)勢 中國股票市場

【摘要】：通過考察某一季度內(nèi)機(jī)構(gòu)持倉和加倉情況與未來幾個(gè)季度內(nèi)機(jī)構(gòu)所持股票的收益率之間的關(guān)系,本文將探討中國股票市場中哪類機(jī)構(gòu)投資者更可能具有信息優(yōu)勢。筆者發(fā)現(xiàn),社�；鸨憩F(xiàn)出對未來股票收益率的良好預(yù)測性,具體表現(xiàn)為其當(dāng)季加倉對未來第1,2季度的股票收益率有預(yù)見性。這表明社�；鹩幸欢ǖ男畔�(yōu)勢。深入探究之后發(fā)現(xiàn),公司基本面指標(biāo)如凈資產(chǎn)收益率、每股收益、賬面市值比、流通市值分別在不同程度上解釋了社�；鸨绕渌承C(jī)構(gòu)更具有信息優(yōu)勢的原因,即社保基金對所持股票的基本面情況更為了解。
[Abstract]:By examining the relationship between institutional positions and positions in a given quarter and the yields on stocks held by institutions in the next few quarters. This paper will explore which institutional investors are more likely to have information advantages in China's stock market. This indicates that the social security fund has a certain information advantage. After further exploration, it is found that the company's fundamental indicators such as return on net assets. Earnings per share, book to market value and current market value explain to varying degrees why the fund has more information advantages than some other institutions, that is, the fund has a better understanding of the fundamentals of its stock holdings.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F224;F832.51

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1 王常柏，馮花蘭;健康發(fā)展中國股票市場的一些思路[J];重慶商學(xué)院學(xué)報(bào);1994年03期

2 蕭灼基;中國股票市場的發(fā)展[J];環(huán)渤海經(jīng)濟(jì)w，

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