This paper takes stock price synchronization and price delay as indicators of information efficiency, and uses mixed cross-sectional data of listed companies into which Qualified Foreign Institutional Investors(QFII) ...This paper takes stock price synchronization and price delay as indicators of information efficiency, and uses mixed cross-sectional data of listed companies into which Qualified Foreign Institutional Investors(QFII) have made investments, to study the impact of QFII's investment behaviors on the information efficiency of China's stock market. The results show that QFII's investments can improve the information efficiency of China's stock market, but its impact is varied. The impact of QFII's investments on market information efficiency is more significant in bear markets than in bull markets, the impact on private enterprises is more significant than on state-owned enterprises, and the impact on Small and Medium Enterprises(SME) market is more significant than in main board market. Further research also finds that QFII has a certain threshold effect on the information efficiency of China's stock market. This research paper provides a problem-solving perspective for China's capital markets to achieve information efficiency through opening up, and at the same time warns against financial risks.展开更多
This paper analyzes developments and trends related to China＇s outward direct and financial investments by examining Chinese firms＇ overseas acquisitions, China＇s holdings of US Treasury securities, and the recentl...This paper analyzes developments and trends related to China＇s outward direct and financial investments by examining Chinese firms＇ overseas acquisitions, China＇s holdings of US Treasury securities, and the recently formally launched Qualified Domestic Institutional Investor programs. Strategies should be developed to reach optimal decisions for both direct and por（folio investments. We argue that China should have a longer-term view for both direct and portfolio investments, enabling China to become the leader in Asia while maintaining its sustainable growth objective. China should invest heavily in the development of the Asian bond market and the Asian Currency Fund when making both por（folio and direct investment decisions.展开更多
文摘This paper takes stock price synchronization and price delay as indicators of information efficiency, and uses mixed cross-sectional data of listed companies into which Qualified Foreign Institutional Investors(QFII) have made investments, to study the impact of QFII's investment behaviors on the information efficiency of China's stock market. The results show that QFII's investments can improve the information efficiency of China's stock market, but its impact is varied. The impact of QFII's investments on market information efficiency is more significant in bear markets than in bull markets, the impact on private enterprises is more significant than on state-owned enterprises, and the impact on Small and Medium Enterprises(SME) market is more significant than in main board market. Further research also finds that QFII has a certain threshold effect on the information efficiency of China's stock market. This research paper provides a problem-solving perspective for China's capital markets to achieve information efficiency through opening up, and at the same time warns against financial risks.
文摘This paper analyzes developments and trends related to China＇s outward direct and financial investments by examining Chinese firms＇ overseas acquisitions, China＇s holdings of US Treasury securities, and the recently formally launched Qualified Domestic Institutional Investor programs. Strategies should be developed to reach optimal decisions for both direct and por（folio investments. We argue that China should have a longer-term view for both direct and portfolio investments, enabling China to become the leader in Asia while maintaining its sustainable growth objective. China should invest heavily in the development of the Asian bond market and the Asian Currency Fund when making both por（folio and direct investment decisions.
