中文摘要：

利用2010—2012年A股市场的面板数据,从机构投资者交易行为趋同的视角,分析了机构投资者趋同交易行为对股价同步性的影响以及机构投资者持股在其间所起的作用.研究发现：机构投资者的趋同交易行为与股价同步性之间存在非线性的＂倒U型＂关系;且2者之间的正向关系随着机构投资者持股比例的提高而减弱.结论表明,机构投资者既有降低股价同步性的一面,同时又有提高股价同步性的另一面,这一发现对客观认识机构投资者对股价同步性影响提供了新的视角和经验证据.

英文摘要：

From the convergent perspectives of the trading behavior of institutional investors,this study uses the panel data of A-shares capital market of 2010 ~ 2012 to investigate the effects of the convergent trading behavior of institutional investors on stock price synchronicity and the influence of institutional holdings on the relationship between them. Result shows that there is a reverse-U pattern relation between the convergent trading behavior of institutional investors and stock price synchronicity and that this positive correlation between them decreases with the ratio of institutional holdings.