【摘要】：QFII制度作為新興國(guó)家和地區(qū)特有的一種有限度的資本市場(chǎng)開放制度,在避免本國(guó)資本市場(chǎng)出現(xiàn)大范圍的劇烈波動(dòng)前提下,為新興國(guó)家的市場(chǎng)經(jīng)濟(jì)帶來(lái)成熟的市場(chǎng)投資理念和大量的海外增量資金。雖然我國(guó)引入QFII的時(shí)間還不長(zhǎng),但其發(fā)展十分迅速,已經(jīng)成為我國(guó)資本市場(chǎng)上重要的投資主體之一,對(duì)國(guó)內(nèi)資本市場(chǎng)的健康發(fā)展產(chǎn)生了深刻影響。本文以自愿性信息披露為視角研究了QFII持股行為對(duì)上市公司的影響,實(shí)際上也是在某種程度上探討QFII對(duì)上市公司內(nèi)部治理的影響。 本文在回顧國(guó)內(nèi)外機(jī)構(gòu)投資者持股及上市公司自愿性信息披露的相關(guān)文獻(xiàn)基礎(chǔ)上,首先闡述了“契約理論”、“信號(hào)傳遞理論”等自愿性信息披露的相關(guān)基礎(chǔ)理論,對(duì)QFII持股和上市公司自愿性信息披露行為之間可能存在的聯(lián)系進(jìn)行了分析；然后分析總結(jié)了我國(guó)的QFII機(jī)制及其發(fā)展?fàn)顩r；在此基礎(chǔ)上分析了QFII持股對(duì)自愿性信息披露的影響及其作用機(jī)理,進(jìn)而提出假設(shè)；最后根據(jù)我國(guó)上市公司2011年的年報(bào)數(shù)據(jù)建立相關(guān)回歸模型、聯(lián)立方程進(jìn)行實(shí)證研究,針對(duì)實(shí)證的研究結(jié)論提出了相應(yīng)的對(duì)策建議。 主要結(jié)論有： (1)目前我國(guó)上市公司的自愿性信息披露水平還處于初級(jí)階段：披露內(nèi)容具有明顯的選擇性傾向,基本偏向于利好信息,盡量回避風(fēng)險(xiǎn)信息；披露內(nèi)容大多只是歷史性信息和貼近準(zhǔn)則規(guī)范的要求,實(shí)質(zhì)性有待提高；披露方式比較單一,缺乏直觀性和形象性。 (2)上市公司的自愿性信息披露水平與QFII持股比例呈現(xiàn)顯著的正相關(guān),QFII持股能夠改善上市公司的自愿性信息披露情況,研究結(jié)果證明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的持股比例與上市公司的自愿性信息披露程度沒有顯著的相關(guān)性,上市公司的自愿性信息披露水平對(duì)QFII的投資決策并不會(huì)產(chǎn)生太顯著的影響。
[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.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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