The purpose of this research is to empirically analyze the influence of the financial crisis on the market impact of Sovereign Wealth Funds. Using 615 deals from 20 SWFs, the pre-and post-abnormal return and change of turnover volatility are compared. The event studies results illustrate that financial markets turn to be more effective after the crisis. The market reaction to SWF' s investment tends to mitigate speculative trading to a larger extent, which is shown by the lower cumulative abnormal return and turnover volatility.%从实证角度研究分析了金融危机对于国家主权基金(SWF)投资的市场影响.收集了20个SWF的615项二级市场股权投资,并以此为基础比较了SWF在危机前后对于外界金融市场的影响变化.事件研究结果表明,金融市场在危机后表现出更高的有效性；而危机之后SWF入股的目标公司股票,出现了累计超额收益及换手率的波动率低于危机前入股的公司,这也从某种程度上说明了SWF在危机之后“稳定剂”的作用更加明显.
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