QFII持股对我国制造业上市公司绩效影响的研究

发布时间：2018-02-10 07:56

本文关键词： QFII持股公司绩效面板数据　出处：《中南大学》2012年硕士论文　论文类型：学位论文

【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。
[Abstract]:The QFII system is a transitional system in the process of opening up the capital market in China, which can accelerate the integration of the capital market with the international market, and reduce the risk brought by the entry of foreign capital into the capital market of our country. This year is the tenth year of the implementation of the QFII system in our country. Due to the active guidance of policy and the adjustment of QFII investment strategy, the investment quota of QFII is constantly increasing. It has a great influence on the development of capital market and listed companies in China, so the influence of QFII shareholding on the performance of listed companies has attracted the attention of many scholars. This paper first describes the current research situation and theoretical basis of institutional investors and QFII. By using normative analysis, the motivation of QFII affecting corporate performance is obtained theoretically, and the conceptual framework of QFII shareholding acting on corporate performance is put forward. That is, the conceptual framework of "QFII shareholding-corporate governance-corporate performance", and the concrete analysis of the mechanism and influencing factors of QFII shareholding on corporate performance. Taking the A share manufacturing listed companies before listing in December 31st 2003 as the sample, using the panel data from 2004 to 2011 and the panel data model selected after F test and Hausman test, the empirical analysis is carried out. This paper empirically tests the effect of QFII holding on the performance of manufacturing listed companies from three aspects of QFII holding ratio and QFII shareholding balance degree. The empirical results show that QFII not only has the function of value discovery, but also has a positive effect on the performance of Chinese manufacturing listed companies. And has the value creation function, has the positive promotion function to our country manufacturing industry listed company performance. Finally, on the basis of normative analysis and empirical research, this paper proposes that we should further relax the institutional constraints on QFII, develop long-term value QFII investors, and actively guide QFII to participate in corporate governance. To improve the sustainable development ability of listed manufacturing companies and improve the transparency of policies, stabilize the confidence of QFII investors and other policy recommendations.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F425

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