财经理论与实践2026，Vol.47Issue(2)：51-60,10.DOI:10.16339/j.cnki.hdxbcjb.2026.02.007
共同机构持股与股票市场操纵
Common Institutional Ownership and Stock Market Manipulation
摘要
Abstract
Taking Chinese A-share listed companies from 2011 to 2021 as samples,this paper systematically examines the impact and mechanism of common institutional ownership on stock market manipulation.The findings reveal that common institutional ownership significantly curbs market manipulation by enhancing the quality of information disclosure and improving stock liq-uidity;the inhibitory effect of long-term common institutional investors is stronger than that of short-term ones,while the suppression effect of non-pressure-sensitive common institutional ownership is significant,whereas pressure-sensitive common ownership shows no significant effect.Although opportunistic-driven common institutional ownership still suppresses market manipulation,its inhibitory effect weakens.Given this,efforts should balance the cultivation of professional institutions and the construction of equity networks,with a focus on guiding oppor-tunistic holdings toward long-term patient capital,thereby continuously reinforcing the govern-ance effectiveness against stock market manipulation.关键词
共同机构持股/股票市场操纵/信息披露/股票流动性/机会主义Key words
common institutional ownership/stock market manipulation/information disclo-sure/stock liquidity/opportunism分类
管理科学引用本文复制引用
李志辉,李增杰..共同机构持股与股票市场操纵[J].财经理论与实践,2026,47(2):51-60,10.基金项目
国家自然科学基金面上项目(71973070) （71973070）
