技术创新视角的QFII持股偏好研究

A Study of QFII Shareholding Preferences based on the Perspective of Innovation

技术创新对公司持续发展至关重要,QFII是否关注公司中长期发展,可由分析QFII选股是否关注公司技术创新切入。本文以2003年7月至2013年6月QFII在A股市场投资的上市公司为研究对象,分析QFII选股对技术创新的关注情况,结果发现:公司的技术创新行为的确可以吸引QFII持股,但在我国特有的制度背景下,QFII对政府控制的公司的创新行为采取了较谨慎的投资态度,对政府是大股东但不是控制人的公司的创新行为却表现出了显著的投资偏好;市净率低的公司的技术创新行为尤其能够吸引QFII的关注。

Technological innovation is vital in firms＇ sustained development. Therefore,it is necessary to study whether QFII consider the innovation condition of the potential invested firms in stock picking when we are analyzing whether QFII cares for the potential invested firms＇ long term development. Using the data of the public firms listed on A share market from July 2003 to June 2013,this paper studies whether QFII considers firms＇ innovation behavior in stock picking. The results show that firms＇ innovation behavior can attract QFII to invest,however,under the special institutional condition of China,QFII takes a more cautious attitude to the innovation behavior of the government controlled firms,while prefers the innovation behavior of the firms with government as a substantial shareholder but not a controller; what＇ s more,the innovation behavior of the firms with a low price to book value ratio is more attractive for QFII to invest.