| Since the implementation of qualified Foreign Institutional Investor(QFII)system in 2003,it has exerted an important influence on the opening of China’s financial market.QFII system can deepen the opening of China’s financial market,is an important transition policy in the process of opening China’s financial market.However,the impact of QFII on listed companies remains to be proved.On the one hand,as a special institutional investor,QFII adheres to the value investment concept,plays the role of "active shareholder",actively participates in corporate management and promotes corporate development due to strict supervision of investment behavior.On the other hand,as an overseas institutional investor,QFII has certain information disadvantage in the domestic market,and the investment experience of the overseas market may not be suitable for the domestic market with a low degree of financial openness,which leads to the failure to improve the development level of the company after entering the enterprise,and even has a negative impact.As for the research on the economic consequences of QFII,early scholars mainly focused on what impact the implementation of QFII would have on the stability of China’s financial market and securities market,and whether it would hinder the sound development of China’s market.At the micro level,researches on QFII mostly classify QFII into institutional investors and study the overall impact of institutional investors on listed companies.As a result,we cannot clearly understand the specific impact and function of QFII on listed companies.In recent years,with the continuous improvement of the QFII system,especially after the abolition of the QFII investment limit on September 10,2019,the impact of QFII on micro enterprises has attracted more and more attention of scholars.At present,the main research direction focuses on the impact of QFII on enterprises’ R&D innovation and information disclosure.Therefore,based on a new perspective,this paper discusses the impact of QFII on total factor productivity of micro enterprises,which is innovative to a certain extent.On the basis of reviewing the literature on the economic consequences of QFII shareholding and the influencing factors of total factor productivity,this paper further analyzes relevant theories and puts forward research hypotheses.In addition,this paper selects the relevant data of Chinese A-share listed companies from 2012 to 2020,and discusses the correlation between QFII shareholding and total factor productivity of listed companies through empirical analysis.At the same time,this paper carries out sample regression analysis for heterogeneous enterprises.Then,the influence of QFII on total factor productivity is further discussed.Finally,the p SM-DID method and instrumental variable method were used to solve the possible endogenous problems,and the robustness test analysis was conducted by using the alternative measurement method of total factor productivity.Based on the literature on the economic consequences of QFII shareholding and the influencing factors of total factor productivity,this paper further analyzes relevant theories and puts forward research hypotheses.In addition,this paper selects the relevant data of Chinese A-share listed companies from 2012 to 2020,and discusses the correlation between QFII shareholding and total factor productivity of listed companies through empirical analysis.At the same time,this paper carries out sample regression analysis for heterogeneous enterprises.Then,the influence of QFII on total factor productivity is further discussed.Finally,the p SM-DID method and instrumental variable method were used to solve the possible endogenous problems,and the robustness test analysis was conducted by using the alternative measurement method of total factor productivity.After theoretical analysis and empirical analysis,this paper draws the following conclusions :(1)QFII can improve the total factor productivity of enterprises.Specifically,QFII can promote the improvement of total factor productivity by increasing enterprises’ INVESTMENT in R&D innovation and alleviating enterprises’ financing constraints.After holding the stocks of the listed company,QFII,on the one hand,participates in the making of the company’s business decisions by actively exercising the shareholder’s right of suggestion,and increases the r&d investment of the enterprise;By creating an atmosphere of innovation and trial and error,the innovation input is indirectly increased and the technological level of enterprises is improved.The improvement of technological level can improve the unit output and total factor productivity of enterprises.,on the other hand,through to the shareholders and management supervision and restrain excessive investment,enterprise positive message out through signal transmission mechanism,improve the company’s image and so on ease of listed companies financing constraints,so that they can make the enterprise has adequate funds for production and investment activities,improve the productive capacity of enterprises,improve enterprise total factor productivity.(2)After the enterprises are divided by the size of assets,whether they are state-owned enterprises or not,and the degree of competition in the industry they are in,the sub-sample regression is carried out.It is found that the improvement effect of QFII on total factor productivity of enterprises is more significant in enterprises with large total assets,state-owned enterprises and enterprises in monopoly industries.Based on the above research results,the following suggestions are put forward :(1)perfect the market mechanism and laws and regulations to create a good market foundation.(2)Lower the entry threshold of QFII and expand the team of high-quality institutional investors.(3)Strengthen the supervision of QFII investment to maintain the stability of the financial market.(4)Improve the investment philosophy of domestic institutional investors and further enhance the strength of domestic institutional investors.(5)Corporate shareholders and managers should learn the QFII long-term value management philosophy and constantly improve the quality of listed companies. |
PDF Full Text Request