《保险研究》20251206-《机构投资者抱团加剧了高管机会主义减持吗？》（张家轩、李化龙）

［摘   要］防范或抑制高管机会主义减持是保护投资者利益、维护资本市场健康发展的重要举措。本文基于2013~2022年我国A股上市公司数据，从机构投资者网络团体视角，实证检验了机构投资者抱团对高管机会主义减持的影响。研究发现，机构投资者抱团显著加剧了高管的机会主义减持行为，在考虑可能的内生性问题并进行了稳健性检验后，结论依旧成立。机制分析表明，机构投资者抱团通过降低企业信息质量和提高市场乐观情绪，为高管减持创造信息空间与择机条件。异质性分析显示，机构投资者抱团对高管机会主义减持的影响在高管持股比例高、媒体关注度低和非国有企业中更为显著。本文为理解机构投资者网络行为及其对内部人交易的影响提供了新证据，对完善市场监管与投资者保护具有重要启示。

［关键词］机构投资者抱团；高管机会主义减持；信息质量；市场情绪

［基金项目］本文得到国家社科基金项目“新时代国有经济布局优化和结构调整研究”(23STA017)的资助。

［作者简介］张家轩，中国财政科学研究院博士研究生，研究方向：公司治理、资本市场；李化龙，管理学博士，中国民航信息网络股份有限公司博士后科研工作站、首都经济贸易大学博士后流动站，研究方向：公司金融、数据资产。

Do Institutional Investors’ Clique Behaviors Exacerbate Executives’ Opportunistic Stock Selling?

ZHANG Jia-xuan，LI Hua-long

Abstract：Preventing or curbing opportunistic share sales by corporate executives is a crucial measure for safeguarding investor interests and promoting the healthy development of capital markets.Using data from A-share listed firms in China from 2013 to 2022，this paper empirically examines the impact of institutional investor clique—viewed through the lens of institutional investor network groups—on executives’ opportunistic share sales.The findings reveal that institutional investor clique significantly exacerbates executives’ opportunistic selling behavior.This result remains robust after addressing potential endogeneity concerns and conducting a series of robustness checks.Mechanism analyses indicate that institutional investor clique facilitates opportunistic executive sales by undermining information quality and heightening market optimism，thereby creating informational space and timing opportunities for such sales.Heterogeneity analyses further show that the effect of institutional investor clique on opportunistic executive sales is more pronounced in firms with higher executive ownership，lower media attention，and non-state ownership.This study fills a research gap regarding how institutional investor network groups influence executive share sales，offering new evidence on institutional investors’ network behaviors and their implications for insider trading.It also provides important policy insights for improving market regulation and investor protection.

Key words：institutional investor clique;executives’ opportunistic stock selling;information quality;market sentiment