合格境外机构投资者影响中国企业创新的路径研究  

Study on the Path of QFII Influencing Chinese Enterprise Innovation

作　　者：何欢浪[1] 张家宁 毛健 HE Huanlang;ZHANG Jianing;MAO Jian(School of International Business,Shanghai University of International Business and Economics,Shanghai,201620;Business School,Beijing Normal University,Beijing,100875)

机构地区：[1]上海对外经贸大学国际经贸学院,上海201620 [2]北京师范大学经济与工商管理学院,北京100875

出　　处：《国际商务（对外经济贸易大学学报）》2024年第4期105-121,共17页INTERNATIONAL BUSINESS

基　　金：国家社会科学基金后期资助项目“中国银行业结构性改革的稳外贸效果评估研究”(23FJLB014)。

摘　　要：合格境外机构投资者(Qualified Foreign Institutional Investors,QFII)作为机构投资者,能否发挥价值创造的作用,提高企业创新能力,对构建新发展格局和推动高水平开放具有重要的现实意义。本文使用2000—2019年中国A股上市企业数据检验了QFII持股与企业创新之间的关系。研究发现,QFII持股和QFII持股占比的增加可以显著提高上市企业的创新水平,具体表现为企业的专利申请数量更多,专利申请质量更高,该结论在通过Heckman两步法缓解自选择偏差问题后依然稳健。机制检验表明,QFII通过信号机制和公司治理机制提高了企业创新。异质性分析结果显示,QFII持股更能促进民营企业、东部地区企业的创新。本文的研究结论为促进资本市场高水平对外开放的相关政策制定提供了参考。Whether QFIIs,as institutional investors,can play the role of value creationand improve the innovation capabilities of Chinese enterprise is of great practical significance in building a new development paradigm and a higher standard open economy.This paper examined the relationship between QFII shareholding and firm's innovation using the data of listed companies from 2000-2019 in China.It finds that QFIIs and the incensement of QFIIs'shareholding ratio both can significantly improve the firm'sinnovation,as evidenced by more patent applications and higher quality of patent applications.This finding remains robust after mitigating the self-selection bias problem throughHeckman model.The mechanism test shows that QFIIs can improve firm's innovation through signaling effect and corporate governance effect.The results of heterogeneity analysis show that QFIIs is more likely to promote firms'innovation in private and in the east.The findings of this paper shed lighton policy formulation for the high-level opening of capital market to the outside world in China.

关 键 词：QFII 企业创新 信息披露 公司治理 

分 类 号：F832.5[经济管理—金融学]