Can the Development of Digital Finance Reduce Market Irrationality?From the Perspective of Herd Behavior of Institutional Investors
The investment behavior of institutional investors is the"wind vane"of the capital market.It is of great significance to explore how to reduce the herd behavior of institutional inves-tors to promote the stable operation of the market.Taking the data of A-share listed companies from 2013 to 2021 as samples,this paper empirically examines the influence of digital finance devel-opment on institutional investors'herding behavior.The research finds that digital finance can effec-tively inhibit the herd behavior of institutional investors,and the coverage breadth,depth of use and degree of digitalization of digital finance can significantly inhibit the herd behavior of institution-al investors.The mechanism test shows that digital finance can reduce the herd behavior of institu-tional investors by improving the analyst attention,enhancing the comparability of accounting infor-mation and promoting the field research of institutional investors.Further research shows that the influence of digital finance on the herd behavior of institutional investors is more significant in small-scale enterprises and non-state-owned enterprises.By distinguishing the information competi-tion level of institutional investors,it is found that the inhibition effect of digital finance on the herd behavior of institutional investors is more significant in the samples with intense competition for private information.By distinguishing the types of institutional investors,it is found that the pres-sure resistant institutional investors can promote the inhibition effect of digital finance on the herd behavior of institutional investors.The economic effect test of the capital market finds that digital finance improves stock liquidity and promotes the operation efficiency of the capital market by re-straining the herd behavior of institutional investors.Based on the perspective of digital finance,this paper provides a new way of thinking on how to restrain the irrational phenomenon of herd be-havior of institutional investors.The research provides a new reference for further developing the potential of digital financial technology and promoting the stable operation of the capital market.
digital financeherd behavior of institutional investorsanalyst attentionaccount-ing information comparabilityinstitutional investor field research
NETL
NSTL
万方数据
