摘要
Investors in the stock market of China mainly make profits from bid-offer spread.This characteristic provides fertile ground for the sharp fluctuation of the stock price.Since the opening of stock market of Shanghai and Shenzhen in 1990,the stock market of China has undergone short-term stock price rise and fall over and over again.Thus it implies that the stock price of China generally deviates from stock intrinsic value.Different from the stock market in most developed countries,the stock market of China primarily dominated by individual investors is more vulnerable to sharp stock price rise and fall.According to different means of investment subjects,this paper divides investors into individual investors and institutional investors,takes in-depth data inspection and regression analysis to observe the correlation between stock price deviation and heterogeneous investors during a relatively stable time frame of domestic stock price deviation degree and explores the fluctuation of heterogeneous investors'holding quantity of heterogeneous stocks in the study on the changes of stock price deviation degree.As indicated by research results,both individual investors and institutional investors have made corresponding investment adjustment in condition when stock price deviates from intrinsic values.However,institutional investors tend to be more rational than individual investor.
