QFII持股对上市公司自愿性信息披露的影响研究
发布时间：2018-08-05 16:54
【摘要】：QFII制度作为新兴国家和地区特有的一种有限度的资本市场开放制度,在避免本国资本市场出现大范围的剧烈波动前提下,为新兴国家的市场经济带来成熟的市场投资理念和大量的海外增量资金。虽然我国引入QFII的时间还不长,但其发展十分迅速,已经成为我国资本市场上重要的投资主体之一,对国内资本市场的健康发展产生了深刻影响。本文以自愿性信息披露为视角研究了QFII持股行为对上市公司的影响,实际上也是在某种程度上探讨QFII对上市公司内部治理的影响。 本文在回顾国内外机构投资者持股及上市公司自愿性信息披露的相关文献基础上,首先阐述了“契约理论”、“信号传递理论”等自愿性信息披露的相关基础理论,对QFII持股和上市公司自愿性信息披露行为之间可能存在的联系进行了分析；然后分析总结了我国的QFII机制及其发展状况；在此基础上分析了QFII持股对自愿性信息披露的影响及其作用机理,进而提出假设；最后根据我国上市公司2011年的年报数据建立相关回归模型、联立方程进行实证研究,针对实证的研究结论提出了相应的对策建议。 主要结论有： (1)目前我国上市公司的自愿性信息披露水平还处于初级阶段：披露内容具有明显的选择性倾向,基本偏向于利好信息,尽量回避风险信息；披露内容大多只是历史性信息和贴近准则规范的要求,实质性有待提高；披露方式比较单一,缺乏直观性和形象性。 (2)上市公司的自愿性信息披露水平与QFII持股比例呈现显著的正相关,QFII持股能够改善上市公司的自愿性信息披露情况,研究结果证明QFII持股比例越大,上市公司的自愿性信息披露程度越高。 (3)QFII的持股比例与上市公司的自愿性信息披露程度没有显著的相关性,上市公司的自愿性信息披露水平对QFII的投资决策并不会产生太显著的影响。
[Abstract]:As a kind of limited capital market opening system in emerging countries and regions, QFII system can avoid the drastic fluctuation of domestic capital market. For the emerging market economy to bring mature market investment ideas and a large number of overseas incremental funds. Although China has not introduced QFII for a long time, it has developed very rapidly and has become one of the important investment subjects in the capital market of our country, which has had a profound impact on the healthy development of domestic capital market. From the perspective of voluntary disclosure of information, this paper studies the influence of QFII shareholding on listed companies. In fact, it also discusses the influence of QFII on the internal governance of listed companies to some extent. On the basis of reviewing the relevant literatures of institutional investors' shareholding and voluntary information disclosure of listed companies at home and abroad, this paper first expounds the relevant basic theories of voluntary information disclosure, such as "contract theory", "signal transmission theory" and so on. The possible relationship between QFII shareholding and voluntary information disclosure of listed companies is analyzed, and then the QFII mechanism and its development in China are analyzed and summarized. On this basis, this paper analyzes the influence of QFII shareholding on voluntary information disclosure and its mechanism, and then puts forward the hypothesis. Finally, according to the annual report data of Chinese listed companies in 2011, the relevant regression model is established, and the simultaneous equation is used to carry out empirical research. In view of the empirical research conclusions, the corresponding countermeasures and suggestions are put forward. The main conclusions are as follows: (1) at present, the level of voluntary information disclosure of listed companies in our country is still in the primary stage: the content of disclosure is obviously selective, which is basically biased towards good information and avoids risk information as far as possible; Most of the contents of the disclosure are just historical information and the requirement of being close to the norms and norms, and the substance needs to be improved; the way of disclosure is relatively simple. (2) there is a significant positive correlation between the voluntary information disclosure level of listed companies and the proportion of QFII shareholdings, which can improve the voluntary information disclosure of listed companies. The results show that the greater the QFII shareholding ratio, the higher the voluntary information disclosure degree of listed companies. (3) there is no significant correlation between the QFII shareholding ratio and the voluntary information disclosure degree of listed companies. The voluntary disclosure level of listed companies will not have a significant impact on the investment decision of QFII.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51
本文编号：2166403
[Abstract]:As a kind of limited capital market opening system in emerging countries and regions, QFII system can avoid the drastic fluctuation of domestic capital market. For the emerging market economy to bring mature market investment ideas and a large number of overseas incremental funds. Although China has not introduced QFII for a long time, it has developed very rapidly and has become one of the important investment subjects in the capital market of our country, which has had a profound impact on the healthy development of domestic capital market. From the perspective of voluntary disclosure of information, this paper studies the influence of QFII shareholding on listed companies. In fact, it also discusses the influence of QFII on the internal governance of listed companies to some extent. On the basis of reviewing the relevant literatures of institutional investors' shareholding and voluntary information disclosure of listed companies at home and abroad, this paper first expounds the relevant basic theories of voluntary information disclosure, such as "contract theory", "signal transmission theory" and so on. The possible relationship between QFII shareholding and voluntary information disclosure of listed companies is analyzed, and then the QFII mechanism and its development in China are analyzed and summarized. On this basis, this paper analyzes the influence of QFII shareholding on voluntary information disclosure and its mechanism, and then puts forward the hypothesis. Finally, according to the annual report data of Chinese listed companies in 2011, the relevant regression model is established, and the simultaneous equation is used to carry out empirical research. In view of the empirical research conclusions, the corresponding countermeasures and suggestions are put forward. The main conclusions are as follows: (1) at present, the level of voluntary information disclosure of listed companies in our country is still in the primary stage: the content of disclosure is obviously selective, which is basically biased towards good information and avoids risk information as far as possible; Most of the contents of the disclosure are just historical information and the requirement of being close to the norms and norms, and the substance needs to be improved; the way of disclosure is relatively simple. (2) there is a significant positive correlation between the voluntary information disclosure level of listed companies and the proportion of QFII shareholdings, which can improve the voluntary information disclosure of listed companies. The results show that the greater the QFII shareholding ratio, the higher the voluntary information disclosure degree of listed companies. (3) there is no significant correlation between the QFII shareholding ratio and the voluntary information disclosure degree of listed companies. The voluntary disclosure level of listed companies will not have a significant impact on the investment decision of QFII.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51
【参考文献】
相关期刊论文 前10条
1 沈维涛;朱冠东;;基于信息披露的QFII超额收益率与中小投资者保护[J];商业研究;2011年04期
2 叶建芳;李丹蒙;丁琼;;真实环境下机构投资者持股与公司透明度研究——基于遗漏变量与互为因果的内生性检验分析视角[J];财经研究;2009年01期
3 李远勤;;上市公司声誉与自愿性信息披露——来自深市的经验证据[J];财会通讯(学术版);2008年02期
4 马洪娟;;QFII持股比例与财务指标关系实证研究[J];财会通讯;2010年08期
5 叶丹;;QFII持股与上市公司绩效相关性研究[J];财会月刊;2009年09期
6 黄郡;;机构投资者持股特征的实证分析[J];南方金融;2006年09期
7 程书强;;机构投资者持股与上市公司会计盈余信息关系实证研究[J];管理世界;2006年09期
8 娄伟;基金持股与上市公司业绩相关性的实证研究[J];上海经济研究;2002年06期
9 石良平;李洋;;机构投资者介入公司治理的作用研究[J];上海经济研究;2007年07期
10 张宗新;张晓荣;廖士光;;上市公司自愿性信息披露行为有效吗?——基于1998—2003年中国证券市场的检验[J];经济学(季刊);2005年01期
，本文编号：2166403
本文链接：https://www.wllwen.com/guanlilunwen/bankxd/2166403.html
