资本市场开放、企业创新与产品市场竞争力:基于QFII制度视角  

Capital Market Liberalization,Corporate Innovation and Product Market Competitiveness:From the Perspective of QFⅡ System

作　　者：周率 尹志超[2] 高若瑜 ZHOU Lü;YIN Zhi-chao;GAO Ruo-yu

机构地区：[1]首都经济贸易大学金融学院 [2]首都经济贸易大学

出　　处：《改革》2022年第12期119-135,共17页Reform

基　　金：国家社会科学基金青年项目“新形势下资本市场双向开放对企业产品市场竞争力的影响研究”(20CJY066)。

摘　　要：将2010—2021年我国A股上市公司作为研究对象,实证检验合格境外机构投资者(QFII)持股对企业创新和产品市场竞争力的影响。研究发现,QFII持股能够显著提高企业的创新水平。此外,分别从资金供应和委托代理两个角度分析变量关系的影响因素,发现股本规模抑制了QFII持股对企业创新的影响,在股本规模较小的公司,QFII持股对企业创新的影响增强;与长期QFII持股相比,短期QFII持股对企业创新的提升作用有所减弱。进一步分析发现,QFII持股对企业的影响符合机构投资者的“积极监督”假说和产品战略创新的基本理论内涵,即QFII等机构投资者具有较高的企业监督治理积极性,能够作出积极的创新决策,进而通过创新提升产品市场竞争力。The paper applied the data from A-share listed companies during 2010-2021 to empirically test the impact of qualified foreign institutional investor(QFII) shareholding on company innovation and product market competitiveness. We find that QFII shareholding can significantly improve companies innovation. This research analyzes the influencing factors through two perspectives: capital supply and proxy agent, finding that the size of equity restrains the impact of QFII shareholding on company innovation. For companies with smaller equity scales, the impact of QFII on company innovation increases.Compared with long-term QFII shareholding, short-term QFII shareholding have a weaker effect on the improvement of company innovation. Findings are in line with the "active supervision" hypothesis of institutional investors and the basic theoretical connotation of product strategic innovation. QFII has the characteristics of strong company supervision and governance enthusiasm, helping companies make active innovative decisions and promote their product market competitiveness through innovation.

关 键 词：资本市场开放 QFII持股 企业创新 产品市场竞争力 

分 类 号：F273[经济管理—企业管理]