QFII持股对我国制造业上市公司绩效影响的研究

【作者】 李雄；

【导师】 郑海元；

【作者基本信息】 中南大学 ， 金融学， 2012， 硕士

【摘要】 QFII制度是我国开放资本市场过程中的一种过渡性制度。它能够加速我国资本市场与国际市场接轨,更能有效降低外资进入我国资本市场带来的风险,是我国资本市场发展过程中的一个合理选择。今年是我国实施QFII制度的第十个年头,由于政策的积极引导与QFII投资战略的调适,QFII投资额度不断增加,对我国资本市场和上市公司的发展有着重大的影响。于是,QFII持股对上市公司绩效的影响引起了众多学者的关注。本文首先阐述了机构投资者及QFII的研究现状及其理论基础。运用规范分析从理论上得出QFII影响公司绩效的动机,提出了QFII持股作用于公司绩效的构思框架,即“QFII持股——公司治理——公司绩效”的构思框架,并具体分析了QFII持股对公司绩效的作用机理和影响因素。然后,提出研究假设并构建理论模型,以2003年12月31日上市前的A股制造业上市公司为样本,采用样本2004-2011年的面板数据及通过F检验和Hausman检验后选择的面板数据模型进行实证分析,分别从QFII持股比例、QFII持股的二次方和QFII持股制衡度这三个方面实证检验了QFII持股对我国制造业上市公司绩效的影响。实证结果显示,QFII不仅有价值发现的功能,并具有价值创造的作用,对我国制造业上市公司绩效有正向的促进作用。最后,本文在规范分析和实证研究的基础上,提出应进一步放松对QFII的制度约束、发展长期价值QFII投资者、积极引导QFII参与公司治理、提高制造业上市公司的持续发展能力和提高政策透明度,稳定QFII投资者的信心等政策建议。更多还原

【Abstract】 In recent years,QFII is becoming a more and more important force in China’s securities market because of its rapid development.And it plays a positive role in promoting the development of China’s listed companies and the securities market.Until2012,QFII has exsisted ten years in China.With the guidance of the government policies it becomes so stronger that can influence the listed company and securities market deeply.Therefore, after affirming the positive role of QFII in our securities market,scholars pay more and more attention on the thesis how the QFII impact on the performance of listed companies.According to these research questions, the paper firstly reviewed the existing theoretical basis of institutional investors and QFII. Then, it used the normative analysis to discuss why QFII affect the company’s performance and proposed the framework of corporate performance to be affected by QFII. It means QFII holdings-Corporate Governance-Corporate Performance. Then, paper proposed research hypotheses and built a theoretical model for the manufacturing company which went to public before December31,2003in based of the panel data which is from2004to2011.And then it analyzed the panel data model which was tested by F-test and Hausman-test to make empirical test on the impact on the performance of listed companies in China’s manufacturing industry of QFII holdings from shareholding ratio of QFII,the square of stake and Shareholding balance degree.Above this,it discussed the role of QFII which is value discoverer or value creators in listed companies.At last the empirical results show that, QFII not only has valuable discovery function, and also plays the role of value creation.It plays a positive role in promoting the performance of listed companies in China’s manufacturing industry.Finally, based on normative analysis and empirical research, this paper presented some policy recommendations.For example,the government should loosen constraints on the QFII system,develop the QFII investors of long-term value, guide QFII to participate in company governance actively and improve the transparency of policies to make the confidence of QFII investors more stable.更多还原