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●对上市公司的软硬约束机制不健全,真正富有竞争力的优秀上市公司不多,是导致众多机构投资者选股行为趋同化的主要原因.●各路机构投资者在A股市场的选股高度趋同,造成的一个明显后果是机构投资者对各标的行业的重点投资比例有一个相对稳定的顺序关系。●机构选股趋同效应:一是机构投资者重仓行业走势明显异于大盘指数;二是机构投资者重仓股维持大盘稳定;三是机构重仓股板块能够有效化解非系统风险。
● The weakness of the hard and soft constraints on listed companies and the limited number of outstanding and truly competitive listed companies are the main reasons leading to the convergence of many institutional investors’ stock selection. ● The institutional investors in the A-share market One obvious consequence of the convergence in the shares is that institutional investors have a relatively stable sequence of investments in key industries in the respective industries. ● institutional stock picking convergence effect: First, institutional investors Shigekura industry trend significantly different from the broader market index; second institutional investors Awkwardness to maintain the broader market stability; third institution Awkwardness plate can effectively resolve non-systemic risk.