外资持股对我国上市公司股价波动的影响
The Influence of Foreign Shareholding on the Stock Price Fluctuation of My Country’s Listed Companies
DOI: 10.12677/SD.2022.122047, PDF,  被引量    科研立项经费支持
作者: 邓亚维：西华大学，四川 成都
关键词: 外资持股；股价波动；价值投资；信息披露；Foreign Ownership； Stock Price Fluctuation； Value Investment； Information Disclosure
摘要: 本文首先从外国投资者的特点出发，理论分析了外资持股对我国上市公司股价波动的影响，并就其提出了两点研究假设，进而选取有外资持股的233家上市公司和无外资持股的1755家上市公司在2011.1.1~2017.12.31期间的季度数据进行了实证分析与检验，得出结论：外资持股与上市公司股价波动负相关，且在对股东类型进行细分后有，外资法人持股与上市公司股价波动负相关，外资自然人持股与上市公司股价波动正相关。并基于结论，提出了进一步扩大外资股东在上市公司中的持股比例，倡导价值投资从而增强市场有效性等政策建议。
Abstract: Based on the characteristics of foreign investors, this paper theoretically analyzes the influence of foreign ownership on stock price fluctuations of listed companies in China, and puts forward two research hypotheses. Then, the quarterly data of 233 listed companies with foreign ownership and 1755 listed companies without foreign ownership from January 2011 to December 31, 2017 are selected for empirical analysis and testing, and the conclusion is drawn: Foreign ownership is negatively correlated with stock price fluctuations of listed companies, and after the subdivision of shareholder types, foreign legal person ownership is negatively correlated with stock price fluctuations of listed companies, while foreign natural person ownership is positively correlated with stock price fluctuations of listed companies. Based on the conclusion, some policy suggestions are put forward, such as further expanding the proportion of foreign shareholders in listed companies and advocating value investment to enhance market effectiveness.
文章引用：邓亚维. 外资持股对我国上市公司股价波动的影响[J]. 可持续发展, 2022, 12(2): 431-443. https://doi.org/10.12677/SD.2022.122047

参考文献

[1] Douma, S., George, R. and Kabir, R. (2002) Foreign and Domestic Ownership, Business Groups, and Firm Performance: Evidence from a Large Emerging Market. Strategic Management Journal, 27, 637-657. [Google Scholar] [CrossRef] 
[2] Imam, M.O. and Malik, M. (2007) Firm Performance and Corporate Governance through Ownership Structure: Evidence from Bangladesh Stock Market. International Review of Business Research Papers, 3, 88-110.
[3] Hanousek, J., Kocenda, E. and Svejnar, J. (2007) Origin and Concentration: Corporate Ownership, Control and Per-formance in Firms after Privatization. Economics of Transition, 15, 1-31.
[4] Garner, J.L. and Kim, W.Y. (2013) Are Foreign Investors Really Beneficial? Evidence from South Korea. Pacific- Basin Finance Journal, 25, 62-84. [Google Scholar] [CrossRef] 
[5] Kang, J.K., Lee, I. and Na, H.S. (2010) Economic Shock, Owner-Manager Incentives, and Corporate Restructuring: Evidence from the Financial Crisis in Korea. Journal of Corporate Finance, 16, 333-351. [Google Scholar] [CrossRef] 
[6] Masulis, R.W., Wang, C. and Xie, F. (2011) Globalizing the Board-room—The Effects of Foreign Directors on Corporate Governance and Firm Performance. Journal of Accounting & Economics, 53, 527-554. [Google Scholar] [CrossRef] 
[7] Lang, H.S. (2002) Corporate Diversification and Firm Performance. Journal of Political Economy, 1, 1248-1280.
[8] Sun, Q. and Tong, W.H.S. (2003) China Share Issue Privatization: The Extent of Its Success. Journal of Financial Economics, 70, 183-222. [Google Scholar] [CrossRef] 
[9] Kim, H.E. and Lee, B.Y. (2004) The Effects of Foreign Bank Entry on the Performance of Private Domestic Banks in Korea. Basel Bank for International Settlements, 3, 1 -28.
[10] Berger, A.N., Clarke, G.R.G., Cull, R., et al. (2005) Corporate Governance and Bank Performance: A Joint Analysis of the Static Selection and Dynamic Effects of Domestic, Foreign, and State Ownership. Journal of Banking & Finance, 29, 2179-2221. [Google Scholar] [CrossRef] 
[11] Li, D., Nguyen, Q.N., Pham, P.K., et al. (2011) Large Foreign Ownership and Firm-Level Stock Return Volatility in Emerging Markets. Journal of Financial & Quantitative Analysis, 46, 1127-1155. [Google Scholar] [CrossRef] 
[12] Laux, C. and Leuz, C. (2009) Did Fair-Value Accounting Contribute to the Financial Crisis? Journal of Economic Perspectives, 24, 93-118.
[13] Xuan, V.V. (2015) Foreign Ownership and Stock Return Vol-atility-Evidence from Vietnam. Journal of Multinational Financial Management, 30, 101-109. [Google Scholar] [CrossRef] 
[14] Chari, A. and Henry, P.B. (2001) Stock Market Liberalizations and the Re-pricing of Systematic Risk. SSRN Electronic Journal, 1, 1677-1689.
[15] Umutlu, M., Akdeniz, L. and Salih, A.A. (2010) The Degree of Financial Liberalization and Aggregated Stock-Return Volatility in Emerging Markets. SSRN Electronic Journal, 34, 509-521. [Google Scholar] [CrossRef] 
[16] He, W., Li, D., Shen, J., et al. (2013) Large Foreign Ownership and Stock Price Informativeness around the World. Journal of International Money & Finance, 36, 211-230. [Google Scholar] [CrossRef] 
[17] Choe, H., Kho, B.C. and Stulz, R.M. (1998) Do Foreign Investors Destabi-lize Stock Markets? The Korean Experience in 1997. Journal of Financial Economics, 54, 227-264. [Google Scholar] [CrossRef] 
[18] Kim, W. and Wei, S.J. (2002) Foreign Portfolio Investors before and During a Crisis. Journal of International Economics, 56, 77-96. [Google Scholar] [CrossRef] 
[19] 宋敏, 张俊喜, 李春涛. 股权结构的陷阱[J]. 南开管理评论, 2004, 7(1): 9-23.
[20] 徐莉萍, 辛宇, 陈工孟. 股权集中度和股权制衡及其对公司经营绩效的影响[J]. 经济研究, 2006, 3(1): 90-100.
[21] 苏国强. 外资参股对公司价值的动态影响——基于中国上市公司经验数据的分析[J]. 广东商学院学报, 2012, 27(1): 56-65.
[22] 王雄, 方闻千, 刘振彪. QFII持股与上市公司绩效的相关性研究——基于2009-2011年QFII持股上市公司数据的实证分析[J]. 深圳大学学报(人文社会科学版), 2013, 30(3): 87-91+73.
[23] 曾鸣晔. 外资涉入对公司治理效率的影响——基于国有上市公司与家族上市公司的比较分析[J]. 中国经贸导刊, 2015(23): 4-6+14.
[24] 陈晓, 江东. 股权多元化、公司业绩与行业竞争性[J]. 经济研究, 2000(8): 28-35.
[25] 卢文莹. 外资并购策略[M]. 上海: 上海财经大学出版社, 2004: 1-100.
[26] 李翔. 外资持股对中国股市波动的影响研究[D]: [博士学位论文]. 广州: 暨南大学, 2014: 46-53.
[27] 张佑辉, 李延喜, 高锐. QFII与中国上市公司股价波动率关系研究[J]. 大连理工大学学报, 2008, 29(2): 37-42.
[28] 廖玉成. QFII持股对股票收益波动性影响研究——以我国证券市场为例[D]: [硕士学位论文]. 杭州: 浙江工商大学, 2008.
[29] 卢文莹. 外资并购及其价值取向[J]. 东方企业家, 2002(11): 124-135.
[30] 李成林. 外资机构持股与股票收益波动性——基于沪深两市的实证研究[J]. 时代金融, 2015(1): 74-75.
[31] Bae, K.H., Ozoguz, A., Tan, H. and Wirjanto, T.S. (2012) Do Foreigners Facilitate Information Transmission in Emerging Markets? Journal of Financial Economics, 105, 209-227. [Google Scholar] [CrossRef] 
[32] Gul, F.A., Kim, J.B. and Qiu, A.A. (2010) Ownership Concentration, Foreign Shareholding, Audit Quality, and Stock Price Synchronicity: Evidence from China. Journal of Financial Economics, 95, 425-442. [Google Scholar] [CrossRef] 
[33] Chen, C.H., Yu, W.C. and Zivot, E. (2011) Predicting Stock Volatility Using After-Hours Information: Evidence from the NASDAQ Actively Traded Stocks. International Journal of Forecasting, 28, 366-383. [Google Scholar] [CrossRef] 
[34] Brandt, M.W., Brav, A., Graham, J.R., et al. (2010) The Idiosyncratic Volatility Puzzle: Time Trend or Speculative Episodes? Review of Financial Studies, 23, 863-899.
[35] Burns, N., Kedia, S. and Lipson, M. (2010) Institutional Ownership and Monitoring: Evidence from Financial Misreporting. Journal of Corporate Finance, 16, 443-445. [Google Scholar] [CrossRef] 
[36] 李心丹, 王冀宁. 中国个体证券投资者交易行为的实证研究[J]. 经济研究, 2002(11): 54-63.
[37] 范慧敏. 外资持股对中国上市公司经营绩效和股价波动的影响研究[D]: [硕士学位论文]. 哈尔滨: 哈尔滨工业大学, 2016.

为你推荐