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关于机构投资者理性程度的研究由来已久。以往的研究主要集中在通过机构投资者对市场有效性或市场稳定性的作用来反证机构投资者的理性程度。本文认为,虽然机构投资者的理性与市场有效性之间的关系是直接的,但市场稳定性却不能直接和机构投资者的理性联系起来,且之前关于机构投资者不完全理性的内容和表现的研究缺少明确的描述与定义。通过对经济学中理性概念的回顾以及对前人文献的梳理,本文指出,理性包括目标理性、工具理性和过程理性。而机构投资者的有限理性表现为:一方面,理性表现为机构投资者可以提高股票价格中的信息含量,从而提升信息效率,促进市场有效性;另一方面,有限性体现在非理性特质、缺乏实践完全理性的可行性、目标理性与过程理性的不兼容造成市场波动等三个方面。
The research on the rational degree of institutional investors has a long history. Previous studies have focused mainly on the institutional rationality of institutional investors by the role of institutional investors in market effectiveness or market stability. This paper argues that although the relationship between the institutional investor’s rationality and market effectiveness is direct, the stability of the market can not be directly linked to the institutional investor’s rationality. Previously, the content and performance of institutional investors that are not entirely rational The study lacks a clear description and definition. By reviewing the concept of rationality in economics and combing the literature of predecessors, this paper points out that rationality includes goal rationality, instrumental rationality and process rationality. The limited rationality of institutional investors is as follows: on the one hand, the rational performance is that institutional investors can increase the information content in the stock price so as to improve the efficiency of information and promote the market efficiency; on the other hand, the limitation is reflected in the irrationality, The lack of practicability of rational rationality, the incompatibility between the target rationality and the process rationality, and the market volatility.