基金团体与股价波动

摘要/Abstract

摘要： 近年来，A股市场出现明显的基金抱团持股现象，基金团体是发挥稳定市场还是加剧市场波动的作用受到学界与业界的广泛关注。本文基于基金持仓数据识别基金团体，探讨基金团体持股对股价波动的影响。研究结果表明，基金团体持股加剧了股价波动，不利于证券市场稳定。基金团体持股主要通过助推股价泡沫、引发投资者跟风等途径加剧波动，而未能通过改善公司治理发挥稳定效应。进一步分析显示，基金团体持股的稳定性越低，其对股价波动的加剧作用越强；当个股被单一基金团体重仓持有，或持股基金团体业绩较好、规模较小时，基金团体持股对股价波动的加剧效应更为明显；此外，基金团体持股也显著提升了股价崩盘风险。本研究为防范金融风险、维护市场稳定提供了理论与实证证据，并为加强基金行为监管、促进资本市场健康发展提供政策参考。

关键词: 基金团体, 资本市场稳定, 机构投资者, 股价波动

Abstract: Given the newly emerging joint-shareholding by funds, both academic and professional circles are concerned with whether such fund cliques contribute to market stability or amplify market volatility. This paper identifies fund cliques based on fund holding data and examines the impact of their shareholdings on stock price volatility. The findings indicate that fund cliques exacerbate stock price volatility and undermine the stability of securities markets. Fund cliques exacerbate stock price volatility primarily by fueling price bubbles and attracting speculative investors who follow the trend, while failing to exert a stabilizing effect through improving corporate governance. Further analysis reveals that lower stability in fund clique shareholding strengthens their amplifying effect on stock price volatility. This exacerbating effect is more pronounced when a stock is heavily held by a single fund clique, or when the fund cliques exhibit stronger performance and smaller size. Moreover, fund cliques significantly increase the risk of stock price crashes. This study provides theoretical and empirical evidence for preventing financial risks and maintaining market stability, while offering policy implications for strengthening the regulation of fund behavior and promoting the healthy development of capital markets.

Key words: fund clique, capital market stability, institutional investor, stock price volatility

肖奇, 吴文锋. 基金团体与股价波动[J]. 管理评论, 2026, 38(7): 217-230.

Xiao Qi, Wu Wenfeng. Fund Clique and Stock Price Volatility[J]. Management Review, 2026, 38(7): 217-230.

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