企业会计准则的国际趋同是否吸引了更多的QFII投资  

Whether the International Convergence of Accounting Standards for Business Enterprises Has Attracted More Investment from QFII

作　　者：罗进辉[1] 谢达熙 李莉[2] 

机构地区：[1]厦门大学管理学院,福建厦门361005 [2]复旦大学管理学院,上海200433

出　　处：《山西财经大学学报》2015年第4期78-91,共14页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金青年项目(71202061)

摘　　要：本文从吸引合格境外机构投资者（QFII）的投资出发,检验会计准则的国际趋同是否真正提高了资本市场的对外开放水平。基于2003~2011年中国A股上市公司10081个年度观察样本数据,本文发现,实施国际趋同的新会计准则显著吸引了更多的QFII投资于中国上市公司的股票。与此同时,发达的制度环境、交叉上市、聘请＂国际四大＂等多种宏微观机制则在一定程度上显著降低了会计准则国际趋同对吸引QFII投资的积极影响。本文对于认识会计准则国际趋同的积极意义以及提高资本市场的对外开放水平具有重要的政策启示。From the perspective of attracting the investment from Qualified Foreign Institutional Investor（QFII）, this paper empirically tests whether the international convergence of accounting standards has improved the open practice of Chinese capital market. Using 10081 firm-year observations of Chinese A-share listed companies during 2003 to 2011, we find that the new international convergent accounting standards have significantly attracted more QFII investing in the shares of listed companies in China. Meanwhile, various macro and micro mechanisms such as developed institutional environment, cross-listing and high audit quality of ＂Big 4＂will, to some extent,substantially weaken the promotion effect of the international convergence of accounting standards. Overall, this study deepens our understanding of the positive significance of the international convergence of accounting standards and provides important implications for policies regarding improving the openness level of the capital market.

关 键 词：新会计准则 准则国际趋同 合格境外机构投资者(QFII) 资本市场 

分 类 号：F42[经济管理—产业经济] G23[文化科学]