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首页> 外文期刊>Journal of Multinational Financial Management >The stock preferences of domestic versus foreign investors: Evidence from Qualified Foreign Institutional Investors (QFIIs) in China
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The stock preferences of domestic versus foreign investors: Evidence from Qualified Foreign Institutional Investors (QFIIs) in China

机译：国内投资者与外国投资者的股票偏好：来自中国合格外国机构投资者（QFII）的证据

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摘要

Using a unique dataset, this paper investigates the preferences of, and the stock characteristics in, the domestic and foreign institutional holdings in China, for the period from 2003 to 2014. Results indicate that they have similar preferences on certain stock characteristics, but different towards industry allocations. Results also highlight their differences in corporate governance and stock picking patterns. The panel regression suggests that firms with institutional holdings in the previous period perform better in the following period. This phenomenon is stronger for the domestic holdings, indicating that domestic institutional investors have an edge in stock picking skills over foreign institutional investors. We also conclude that the ownership concentration plays a positive role on firm performances. Our results shed extra light on issues related to the Qualified Foreign Institutional Investors scheme, which contributes largely to the Chinese financial market reform after 2003. The findings have important implications to academics, practitioners, and particularly to policy makers, which enables China to further enhance its financial market liberalization with the rest of the world.
机译：本文使用一个独特的数据集，调查了2003年至2014年期间中国境内和境外机构持有的股票的偏好和股票特征。结果表明，它们在某些股票特征上具有相似的偏好，但在某些方面具有不同的偏好。行业分配。结果还凸显了它们在公司治理和选股模式上的差异。面板回归表明，上一时期拥有机构股份的公司在下一时期表现更好。对于国内持股而言，这种现象更为明显，这表明国内机构投资者在选股技巧方面比外国机构投资者更具优势。我们还得出结论，所有权集中度对公司绩效具有积极作用。我们的研究结果进一步揭示了与“合格外国机构投资者”计划有关的问题，该计划对2003年后的中国金融市场改革做出了重要贡献。研究结果对学者，从业者，特别是对政策制定者具有重要意义，这使中国得以进一步发展它与世界其他地区的金融市场自由化。

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