題 目：Domestic and Foreign Institutional Investors’ Behavior in China
主講人：劉寧悅博士 （會計(jì)系）
時 間：2013年4月16日（星期二） 中午12:00-13:00
地 點(diǎn)：主樓418會議室
主講人簡介：
劉寧悅，女，偉德國際1946bv官網(wǎng)管理與經(jīng)濟(jì)學(xué)院會計(jì)系講師。愛爾蘭都柏林大學(xué)Michael Smurfit商學(xué)院金融學(xué)博士，中國人民大學(xué)商學(xué)院財(cái)務(wù)管理學(xué)博士，英國牛津大學(xué)訪問學(xué)者。在《European Journal of Finance》、《Asian Economic Papers》等刊物上發(fā)表多篇SSCI論文， 在包括美國Financial Management Association年會和英國China Economic Association (UK/Europe)年會在內(nèi)的多個國際會議上發(fā)表論文， 擔(dān)任多個英文期刊審稿人。
內(nèi)容簡介：
This paper compares the investment characteristics between foreign funds operating under Qualified Foreign Institutional Investor (QFII) in China and domestic Chinese funds and analyzes the firm-level drivers that influence their allocation choices. The analysis reveals that foreign funds have a preference for a range of sectors such as transportation, metals & non-metals, and machinery, as opposed to industries with a requirement for local knowledge. The portfolios of domestic Chinese funds are distributed more evenly, compared to foreign funds. The comparative analysis indicates that foreign funds invest in firms that are significantly different from those favored by domestic funds in terms of size, profit and compensation of management. Finally, we find that when making investment decisions, foreign funds tend to rely on some corporate governance indicators which is not consistent with the results from previous studies examining developed markets. In particular, foreign funds have a preference for firms with a high percentage of state-owned shares, while the reverse is the case for domestic funds. These empirical findings highlight the differences between QFIIs and domestics funds investment preferences, and will be of value to policy makers in emerging markets, and China in particular, in gauging the important drivers of foreign investment.
