共同机构投资者的研究脉络及其展望

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中图分类号：F832.51 文献标识码：A 文章编号：1007-5097（2025）03-0083-09

ResearchFramework and ProspectsofCommonInstitutional Investors

SUNFan，DU Yong，WANG Xiaoxuan （College of Economics and Management，Southwest University， Chongqing 40o715， China）

Abstract：Asinstitutional investors inthecapital market increasinglyholdsharesacross multiplecompanies withinthe sameindustry，thesecommon institutional investors haveemergedasasignificant focusof government atentionanda prominentsubjectof inquiryincontemporary corporate finance research.Theessay folows theresearch framework of "Motivation→Pathway→Outcome"concerningcommon institutional investors.Firstly，it examines theunderlying motivations thatdrivetheseinvestorstocoordinatecorporatebehavior.Secondly，itsummarizesthepathwaysof coordination，categorizing thembytheirformsandspecificmethodologies.Lastly，theessyconcludes byevaluating the outcomesofsuch coordination，analyzedthrough thedualperspectivesof "collaborativenetworks"and "collusive networks".Building upon this，theessay further explores potential future research directions for futureresearch concerning commoninstitutional investors.Theaimis tosupport thedomesticacademiccommunityinexamining the inter-company linkage efectsand corporategovernance issues fromtheperspectiveofcommoninstitutional investors. Furthermore，thestudyseeks toofervaluableinsightsforgovermentauthoritiesintheformulationofrelevantpolicies.

Keywords：commoninstitutional investors;commoninstitutionalownership;crossoldingbyinstitutional investors; synergy;collusive monopoly

一、引言及文献综述

共同机构投资者指同时持股同行业多家企业的机构投资者1。（剩余16812字）