基于信息披露的QFII超额收益率与中小投资者保护

发布时间：2018-03-04 03:11

本文选题：QFII　切入点：超额收益　出处：《商业研究》2011年04期 　论文类型：期刊论文

【摘要】：本文研究了QFII机构2007-2009年投资我国A股市场的超额收益率,静态分析结果表明QFII持股上市公司无法产生正的超额收益;动态分析结果表明QFII增仓上市公司可以产生显著为正的超额收益,而QFII减仓上市公司产生显著为负的超额收益。另外,通过问卷调查法获取中小投资者的投资弱点,从QFII机构信息披露的角度研究如何保护中小投资者利益,对证券监管部门规范QFII信息披露,引导中小投资者理性投资,以及保护中小投资者利益等方面均有一定的启示意义。
[Abstract]:This paper studies the excess returns of QFII institutions investing in China's A-share market from 2007 to 2009. The static analysis results show that the listed companies held by QFII cannot produce positive excess returns. The results of dynamic analysis show that the listed companies with QFII increasing positions can produce significantly positive excess returns, while the listed companies with reduced QFII positions produce significantly negative excess returns. In addition, the weakness of small and medium-sized investors is obtained by questionnaire survey. The study on how to protect the interests of small and medium-sized investors from the perspective of QFII institutional information disclosure has certain enlightenment significance for the securities regulatory authorities to regulate the disclosure of QFII information, to guide the rational investment of small and medium-sized investors, and to protect the interests of small and medium-sized investors.
【作者单位】：厦门大学管理学院;
【分类号】：F832.51;F224

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