QFII持股与上市公司业绩及其投资影响因素分析

发布时间：2018-08-26 14:02

【摘要】：QFII (Qualified Foreign Institutional Investor)制度是指合格境外机构投资者制度,是一种存在于不完全开放资本市场之中的一种暂时的、过渡性制度。中国证监会与中国人民银行于2002年11月联合颁布《合格境外机构投资者境内证券投资管理暂行办法》,该办法自2002年12月1日正式在中国大陆施行(目前已废止),标志着我国大陆地区的证券市场开始允许QFⅡ进行投资以及QFⅡ制度在我国的正式建立。2003年5月,野村证券株式会社和瑞士银行成为我国第一批获得准入资格的合格境外机构投资者。截至2012年8月,经批准可以在我国证券市场上进行投资的合格境外机构投资者共181家。我国引入QFⅡ的初衷,一方面主要是想通过这种渐进的改革方式吸引长期的境外资金,进一步的开放国内资本市场并同国际资本市场接轨；另一方面也是希望能够凭借QFⅡ自身的比较优势,比如较为成熟的投资理念、专业的投资队伍和先进、科学的投资策略等,对国内的投资市场提供指引并增强国内市场信心,对矫正国内投机风气盛行、规范上市公司治理等提供一定的帮助。但是随着我国对于QFⅡ的相关政策不断的修改完善,QFⅡ在数量、投资规模方面不断的扩大,如何看待其在我国证券市场上所扮演的角色,以及如何衡量QFⅡ在我国资本市场发展中发挥的影响效应,成为我国引入QFⅡ制度后不得不思考的严肃问题,而且上市公司的业绩是否因为QFⅡ的介入而有了比较明显的改善,QFⅡ持股与上市公司业绩之间的相关性究竟如何、是否存在,如果存在,那么QFⅡ又是依据上市公司的哪些方面的能力指标作为投资衡量标准进行投资决策的,这些也都是非常值得我们思考的问题。目前国内关于QFⅡ持股与上市公司业绩二者之间的关系研究正处于发展期,比较有影响力的学术成果不断涌现,但是从总体来看文献成果仍然较少,不如国外的研究更成熟和丰富,研究结论存在很多有争议的地方,并且诸位学者所选用的研究方法也存在有待改进的地方,本文正是基于这样的背景而提出的。本文共分六大部分,第一部分为绪论,主要是概括介绍了本文的相关研究背景,另外包括文章研究的理论意义与实用价值以及本文主要的研究内容与研究方法：第二部分为文献综述,主要对国内外学者的相关理论与文献成果进行综述,并最终对文献进行述评,阐述从中获得的启示,进而为本文的研究提供价值导向；第三部分为理论基础与理论分析,重点阐述了与本文研究有关的理论以及对理论的分析；第四部分为研究设计,主要是关于实证研究设计问题的总体阐述和概括,包括研究假设的提出、研究样本数据的来源和选择标准、研究变量的选取问题以及实证模型的设计等；第五部分是实证检验与结果分析,重点阐述实证检验过程,对实证结果做出分析判断；第六部分为结论与建议,根据本文从理论和实证两个角度的研究探索,此处对本文的结论予以总结,并提出相关的政策和解决建议,以供参考。本文可能的贡献之处主要可以从以下几个方面进行概括：第一,研究视角的创新。国内的相关研究多集中于QFⅡ本身的投资特征以及与我国证券市场股票收益波动等对我国证券市场的整体影响的一系列问题,关于QFⅡ持股与上市公司业绩二者之问的关系研究,文献较少,而且缺少后续研究,本文不但从理论与实证两方面论证了二者的关系,更是进行了后续研究,通过进一步研究QFⅡ持股与上市公司主要方面能力指标的关系,发掘出QFⅡ在进行投资决策和制定投资标准时,主要参考的相关信息和依据有哪些,这些研究结论丰富了这一领域的相关成果,加深了相关研究的深度。第二,评价指标体系的创新。针对于前人在衡量上市公司业绩时,多采用容易被操纵的单一财务会计指标,容易影响研究结论的准确性,本文参考相关文献,综合了会计指标、现金流量指标以及考虑到非财务因素的重要影响,从而建立了较为合理的上市公司业绩评价指标体系,这对本文得出的研究结论的准确性也提供了更高质量的保证。第三,研究结论的丰富。本文对于目前国内关于此方面观点不一、定论尚不明确的现状提供了一定的研究成果与贡献,具有一定的参考价值。
[Abstract]:The QFII (Qualified Foreign Institutional Investor) system refers to the QFII system, which is a temporary and transitional system existing in the imperfectly open capital market. The CSRC and the People's Bank of China jointly promulgated the Interim Administration of Domestic Securities Investment of Qualified Foreign Institutional Investors in November 2002. The implementation of the QFII system in mainland China on December 1, 2002 (now abolished) marks the beginning of allowing QFII investment in the securities market in mainland China and the formal establishment of the QFII system in China. As of August 2012, 181 qualified foreign institutional investors have been approved to invest in China's securities market.
The original intention of introducing QFII in China is to attract long-term foreign capital through this gradual reform, further open the domestic capital market and connect with the international capital market; on the other hand, it is also hoped to rely on the comparative advantages of QFII itself, such as more mature investment concept, professional investment team and so on. Advanced and scientific investment strategies provide guidance to the domestic investment market and enhance the confidence of the domestic market, and help rectify the prevailing domestic speculation and standardize the governance of listed companies. How to look at its role in China's securities market and how to measure the impact of QFII on the development of China's capital market has become a serious issue that we have to consider after introducing the QFII system. Moreover, whether the performance of listed companies has been significantly improved because of the intervention of QFII, QFII holding and listing. What is the correlation between corporate performance, whether it exists or not, and if it exists, then what aspects of QFII are listed companies'ability indicators as investment criteria for investment decision-making, these are also very worthy of our consideration. Department of research is in the development period, more influential academic achievements continue to emerge, but generally speaking, the literature is still less, less mature and rich than foreign research, there are many controversial conclusions, and the research methods selected by scholars also need to be improved, this paper is based on this. The background of the sample is proposed.
This paper is divided into six parts. The first part is the introduction. It mainly introduces the relevant research background of this paper, including the theoretical significance and practical value of the study, as well as the main research contents and methods of this paper. The second part is the literature review, mainly reviewing the relevant theories and literature achievements of domestic and foreign scholars. The third part is the theoretical basis and theoretical analysis, focusing on the theory related to this study and theoretical analysis; the fourth part is the research design, mainly on the overall elucidation of empirical research design issues. The fifth part is the empirical test and result analysis, focusing on the empirical test process, making analysis and judgment on the empirical results; the sixth part is the conclusion and suggestions, according to this paper. From the theoretical and empirical perspectives, this paper summarizes the conclusions and puts forward relevant policies and solutions for reference.
The possible contributions of this paper can be summarized from the following aspects:
Firstly, the innovation of the research perspective. The domestic related research mostly concentrates on a series of questions such as the investment characteristics of QFII itself and the impact of stock return fluctuation on China's securities market. This paper not only demonstrates the relationship between QFII and listed companies from both theoretical and empirical aspects, but also conducts a follow-up study. By further studying the relationship between QFII shareholding and the main aspects of listed companies'capacity indicators, we can find out what information and basis QFII mainly refers to when making investment decisions and formulating investment standards, and these conclusions are abundant. The relevant achievements in this field have deepened the depth of related research.
Secondly, the innovation of the evaluation index system. For the predecessors in measuring the performance of listed companies, they often use a single financial and accounting index which is easy to be manipulated, which is easy to affect the accuracy of the research conclusion. For a reasonable performance evaluation index system of listed companies, it also provides a higher quality guarantee for the accuracy of the conclusions of this paper.
Thirdly, the research conclusion is rich. This paper provides certain research results and contributions to the current situation of different views and uncertain conclusions on this aspect in China, and has a certain reference value.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

【相似文献】