外资持股对我国上市公司股价波动的影响

The Influence of Foreign Shareholding on the Stock Price Fluctuation of My Country’s Listed Companies

本文首先从外国投资者的特点出发,理论分析了外资持股对我国上市公司股价波动的影响,并就其提出了两点研究假设,进而选取有外资持股的233家上市公司和无外资持股的1755家上市公司在2011.1.1~2017.12.31期间的季度数据进行了实证分析与检验,得出结论:外资持股与上市公司股价波动负相关,且在对股东类型进行细分后有,外资法人持股与上市公司股价波动负相关,外资自然人持股与上市公司股价波动正相关。并基于结论,提出了进一步扩大外资股东在上市公司中的持股比例,倡导价值投资从而增强市场有效性等政策建议。

Based on the characteristics of foreign investors, this paper theoretically analyzes the influence of foreign ownership on stock price fluctuations of listed companies in China, and puts forward two research hypotheses. Then, the quarterly data of 233 listed companies with foreign ownership and 1755 listed companies without foreign ownership from January 2011 to December 31, 2017 are selected for empirical analysis and testing, and the conclusion is drawn: Foreign ownership is negatively correlated with stock price fluctuations of listed companies, and after the subdivision of shareholder types, foreign legal person ownership is negatively correlated with stock price fluctuations of listed companies, while foreign natural person ownership is positively correlated with stock price fluctuations of listed companies. Based on the conclusion, some policy suggestions are put forward, such as further expanding the proportion of foreign shareholders in listed companies and advocating value investment to enhance market effectiveness.