發(fā)布時(shí)間：2018-02-10 07:56

  本文關(guān)鍵詞： QFII持股 公司績(jī)效 面板數(shù)據(jù)　出處：《中南大學(xué)》2012年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：QFII制度是我國(guó)開(kāi)放資本市場(chǎng)過(guò)程中的一種過(guò)渡性制度。它能夠加速我國(guó)資本市場(chǎng)與國(guó)際市場(chǎng)接軌,更能有效降低外資進(jìn)入我國(guó)資本市場(chǎng)帶來(lái)的風(fēng)險(xiǎn),是我國(guó)資本市場(chǎng)發(fā)展過(guò)程中的一個(gè)合理選擇。今年是我國(guó)實(shí)施QFII制度的第十個(gè)年頭,由于政策的積極引導(dǎo)與QFII投資戰(zhàn)略的調(diào)適,QFII投資額度不斷增加,對(duì)我國(guó)資本市場(chǎng)和上市公司的發(fā)展有著重大的影響。于是,QFII持股對(duì)上市公司績(jī)效的影響引起了眾多學(xué)者的關(guān)注。 本文首先闡述了機(jī)構(gòu)投資者及QFII的研究現(xiàn)狀及其理論基礎(chǔ)。運(yùn)用規(guī)范分析從理論上得出QFII影響公司績(jī)效的動(dòng)機(jī),提出了QFII持股作用于公司績(jī)效的構(gòu)思框架,即“QFII持股——公司治理——公司績(jī)效”的構(gòu)思框架,并具體分析了QFII持股對(duì)公司績(jī)效的作用機(jī)理和影響因素。然后,提出研究假設(shè)并構(gòu)建理論模型,以2003年12月31日上市前的A股制造業(yè)上市公司為樣本,采用樣本2004-2011年的面板數(shù)據(jù)及通過(guò)F檢驗(yàn)和Hausman檢驗(yàn)后選擇的面板數(shù)據(jù)模型進(jìn)行實(shí)證分析,分別從QFII持股比例、QFII持股的二次方和QFII持股制衡度這三個(gè)方面實(shí)證檢驗(yàn)了QFII持股對(duì)我國(guó)制造業(yè)上市公司績(jī)效的影響。實(shí)證結(jié)果顯示,QFII不僅有價(jià)值發(fā)現(xiàn)的功能,并具有價(jià)值創(chuàng)造的作用,對(duì)我國(guó)制造業(yè)上市公司績(jī)效有正向的促進(jìn)作用。 最后,本文在規(guī)范分析和實(shí)證研究的基礎(chǔ)上,提出應(yīng)進(jìn)一步放松對(duì)QFII的制度約束、發(fā)展長(zhǎng)期價(jià)值QFII投資者、積極引導(dǎo)QFII參與公司治理、提高制造業(yè)上市公司的持續(xù)發(fā)展能力和提高政策透明度,穩(wěn)定QFII投資者的信心等政策建議。
[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.
【學(xué)位授予單位】：中南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.51;F425

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本文編號(hào)：1500033