題 目：Domestic and Foreign Institutional Investors’ Behavior in China
主講人：劉寧悅博士 （會計系）
時 間：2013年4月16日（星期二） 中午12:00-13:00
地 點：主樓418會議室
主講人簡介：
劉寧悅，女，偉德國際1946bv官網管理與經濟學院會計系講師。愛爾蘭都柏林大學Michael Smurfit商學院金融學博士，中國人民大學商學院財務管理學博士，英國牛津大學訪問學者。在《European Journal of Finance》、《Asian Economic Papers》等刊物上發表多篇SSCI論文， 在包括美國Financial Management Association年會和英國China Economic Association (UK/Europe)年會在內的多個國際會議上發表論文， 擔任多個英文期刊審稿人。
內容簡介：
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.
