摘要
合格境外机构投资者(QFII)为上市公司提供了一个来自境外的特殊且专业的监督力量。本文利用2006-2015年中国A股上市公司数据,并采用Kim and Verrecchia(2001)的方法测度信息披露质量,发现QFII持股与公司信息披露质量显著正相关。在使用PSM-DID、安慰剂检验、工具变量法和反向因果识别来缓解内生性后,本文证明了QFII持股与公司信息披露之间存在因果关系,说明QFII已经成为一种重要的外部治理力量。分样本研究发现,QFII持股对信息披露质量的改善作用对内部治理较好和被"四大"审计的公司更加明显。最后,机制检验发现QFII可以通过增加持股公司的分析师跟踪人数和高管薪酬业绩敏感性来改善信息披露质量。因此,增加QFII的数量和逐渐放松资本项目管制有助于改善信息环境和保护中小股东权益,进而促进我国资本市场的健康发展。
Qualified foreign institutional investors( QFIIs) may play an important role as external monitoringpower in a market with strict capital account regulation. Using a data set of Chinese A-share listed firms from2006 to 2015,and following the method of Kim and Verrecchia( 2001) to measure the information disclosurequality,we find a positive correlation between QFII ownership and firm’s information disclosure quality. Aftercontrolling for endogeneity problems with Difference-in-Differences approaches,placebo test,instrumentalvariable method and reverse causal test,we find that the QFII have a positive,causal effect on firm’s informa-tion disclosure,which suggests that QFII ownership is an external corporate governance mechanism in China.Moreover,we find that the impact is more pronounced for firms with better governance mechanisms and auditedby international Big 4 auditing firms. Finally,we find that QFII can enhance corporate information disclosurethrough channels such as increased analyst coverage and higher pay-performance sensitivity of executives.Thus,increasing the number of QFII and gradually relaxing the capital account regulation can benefit firms’ in-formation disclosure,thus to protect the interests of small and medium sized shareholders and promote a healthydevelopment of China’s capital market.
作者
李春涛
刘贝贝
周鹏
张璇
LI Chuntao;LIU Beibei;ZHOU Peng;ZHANG Xuan(School of Finance Zhongnan University of Economics & Law;School of Statistics and Mathematics,Zhongnan University of Economics & Law;School of Economics and Management,Wuhan University)
出处
《金融研究》
CSSCI
北大核心
2018年第12期138-156,共19页
Journal of Financial Research
基金
国家自然科学基金(批准号:71503275和 71873145)
产业升级与区域金融湖北省协同创新中心对本研究的资助
关键词
QFII
信息披露
监督
公司治理
QFII
Information Disclosure
Monitor
Corporate Governance
