【摘要】 利用资本市场联互通交易机制（“沪港通”和“深港通”）这一外生政策事件，考察了中国资本市场开放对机构投资者羊群行为程度的影响。研究发现：中国高水平的资本市场开放通过缓解投资标的股票的机构投资者的信息不对称，显著抑制了标的股票的机构投资者羊群行为。进一步研究发现：境外投资者进入通过提高分析师关注度和分析师预测精确度、提升股价信息含量和改善股票流动性，缓解了信息不对称，抑制了标的股票的机构投资者羊群行为。更多还原

【Abstract】 Using the exogenous policy event of the capital market interconnection trading mechanism(“Shanghai Hong Kong Stock Connect”and“Shenzhen Hong Kong Stock Connect”), this paper examines the impact of China’s capital market opening on the degree of herding behavior of institutional investors. The research finds that China’s high-level capital market opening significantly inhibits the herding behavior of institutional investors investing in the target enterprises by alleviating the information asymmetry of the target enterprises. The entry of foreign investors alleviates information asymmetry, suppresses herd behavior among institutional investors in target stocks by enhancing analyst coverage and forecast accuracy, improving stock price informativeness, and enhancing stock liquidity.更多还原