摘要
自中国引入QFII(合格境外机构投资者)制度以来,QFII基金的"巨额收益"与"神秘持仓"一直广受关注。以QFII制度的建立和历次改革为背景,通过建立投资现金流敏感性模型,研究QFII对中国上市公司投资现金流敏感性的影响。结果表明,QFII制度的建立和历次改革确实可以显著降低上市公司的投资现金流敏感性。而且,QFII制度的建立和历次改革对上市公司投资现金流敏感性的影响不尽相同,且这些制度改革不能完全消除这种低效率融资现象。此外,QFII对不同类型公司投资现金流敏感性减弱程度存在差异:其对资产规模较大或被其多次重仓持有的公司投资现金流敏感性的减弱程度更加显著。
Since China introduced the Qualified Foreign Institutional Investor(QFII)scheme,QFII funds'"high returns"and"secret holdings"have continuously attracted attention.Based on the establishment and several reforms of the QFII scheme,this paper builds investment cash flow sensitivity(ICS)model to analyze QFII scheme's influence on ICS of listed firms in China.The result shows that QFII scheme's establishment and reforms do significantly reduce ICS of listed firms.The influence is not identical and the reforms cannot completely eliminate inefficient financing.Besides,QFII cannot equally reduce ICS for different types of firms whose influence of reducing ICS is more significant on firms withlarge sizes or being highly held by QFII funds for many times.
作者
胡海峰
刘尔卓
王爱萍
HU Haifeng;LIU Erzhuo;WANG Aiping(School of Economics and Business,Beijing Normal University,Beijing 100875,China;School of Finance,Renmin University of China,Beijing 100872,China;School of Economics,Beijing Technology and Business University,Beijing 100048,China)
出处
《经济与管理评论》
CSSCI
北大核心
2019年第1期95-109,共15页
Review of Economy and Management
基金
国家社会科学基金重点项目"推进我国资本市场的改革
规范与发展研究"(14AZD035
关键词
QFII
投资现金流敏感性
杠杆效应
公司治理
融资约束
QFII
Investment cash flow sensitivity(ICS)
Leverage effect
Corporate governance
Financing constraints
