境外机构投资者持股周期与公司治理绩效关系的实证研究

选取2003-2015年我国沪深A股上市公司中有境外机构投资者(QFII)持股的公司作为研究样本,将QFII持股周期划分为短期、中期和长期三类,通过理论分析和实证分析研究QFII不同持股周期对上市公司治理绩效的影响,研究结果表明,QFII短期持股时,奉行财务投资理念,通过买卖价差获取投资收益,不会对公司治理绩效产生影响;QFII中期持股时,会对公司治理绩效产生影响,但影响作用较微弱;QFII长期持股时,主要奉行价值投资理念,通过积极参与公司治理影响公司治理绩效,获得高额投资收益。本文的研究结论对我国境内机构投资者和上市公司具有一定的借鉴作用,同时可以为我国引入QFII提供政策建议。

Empirical Study on the Relationship between Foreign Institutional Investors' Shareholding Period and Corporate Governance Performances

In this article, the companies of qualified foreign institutional investors' (QFII) shareholding in Shanghai and Shenzhen A share listed companies for 2003~2015 are selected as research samples. QFII shareholding periods are divided into three types: short-term shareholding, medium-term shareholding and long-term shareholding. The effects of QFII different shareholding periods on corporate governance performances are studied through theoretical and empirical analysis. The results show that QFII pursues financial investment philosophy, gains investment income from the spread between buying and selling prices, and has no effect on corporate governance performances when QFII shareholding period is short-term. QFII will have an effect on corporate governance performances when QFII shareholding period is medium-term, but the influence is weak. QFII pursues value investment philosophy, influences corporate governance performances through actively participating in corporate governance, and then gains high investment income when QFII shareholding period is long-term. These findings not only provide an important reference for domestic institutional investors and Chinese listed companies, but also provide policy suggestions for China introducing QFII.