Corporate Information Transparency Influence Foreign Institutional Investor Holding Behavior Reseatch

Since 2003,China's introduction of qualified foreign institutional investors(QFII)system,foreign institutional investors in the mainland market investment behavior has been a great concern.QFII as a mature investor,in its right to invest in the concept of investment,we must have the right,comprehensive information as a support,so the disclosure of listed companies to become QFII investment decision-making important basis,the company's information transparency They become the focus of attention.However,due to the late start of the Chinese market,the irrational structure of listed companies,information asymmetry and other characteristics,resulting in information disclosure of listed companies there is a certain distortion,which will affect the QFII system play a role,so the future better to achieve China's securities market and in order to help QFII better play its advanced value investment concept,this article on the company's information transparency affect the behavior of overseas institutional investors holding an empirical study.This paper first analyzes the factors that affect the holdings of institutional investors,the transparency of the company,the characteristics of the holdings of foreign institutional investors,the definition of the company's information transparency and the concept of foreign institutional investors,and this paper analyzes the information transparency of China's listed companies and the status quo of QFII system development in China,and analyzes the mechanism of the transparency of the company's information on the behavior of foreign institutional investors.In this paper,the information transparency of listed companies is measured from three perspectives:earnings quality,Shenzhen information rating and analyst tracking.The results show that the transparency of the company's information is significantly related to the proportion of QFII shares,the higher the earnings quality,the information disclosure The higher the rating or the higher the number of analysts tracked,the higher the QFII shareholding ratio;and,this article uses another algorithm for information transparency and analyst tracking to measure information transparency and robustness testing to the model,the results are the same.Then,this paper studies the mechanism of QFII holding from the three aspects of the nature of property rights,auditor and company performance.The empirical results show that the transparency of the information of state-owned enterprises can increase the holding capacity of QFII;The "BIG FOUR" audit of the company,the transparency of its information can increase the QFII shareholding;information transparency of the company,its performance is more reliable,QFII holdings of its company's performance more sensitive.Then,finally,this article from the research conclusions and reality,for our country to improve the transparency of information provided a practical proposal.