Foreign investment in China and Qualified Foreign Institutional Investor (QFII)
Foreign investment in China and Qualified Foreign Institutional Investor (QFII)
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DOI：
10.1057/abm.2010.15
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发表时间：
2010-06
影响因子：
3.9
通讯作者：
O. Tam;Sophia G Li;Zhifan Zhang;Celina Ping Yu
中科院分区：
文献类型：
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作者：
O. Tam;Sophia G Li;Zhifan Zhang;Celina Ping Yu
虽然近年来外国直接投资以创纪录的高水平流入中国，但直到2002年底中国当局决定允许选定的合格境外机构投资者（QFII）在定量配额制度下进入中国A股市场，外国投资者才被允许进入中国国内股票市场（A股）。这一金融改革举措的目的是提供一个试点方案，以有限的方式放松对该国资本账户的外汇管制，并利用成功的外国金融机构的投资和管理技能来提高中国市场的标准。QFII被中国政府认为有更强的动机采取长期投资策略。他们不仅要带来先进的投资方法和技巧，而且要有一种有助于建立一个更稳定和健康的股票市场环境的投资方法。本研究探讨了这一发展的实证证据，以评估这种期望是否正在实现。调查结果表明，QFII已经取得了一些进展，但尚未能够对中国市场产生长期影响。
Although foreign direct investment has been flowing into China at record high levels in recent years, foreign investors were not permitted to enter the domestic Chinese shares market (A shares) until the Chinese authorities decided at the end of 2002 to allow selected Qualified Foreign Institutional Investor (QFII) to enter the Chinese A-share market under a quantitative quota system. The aim of this financial reform initiative was to provide a pilot scheme for relaxing, in a limited way, foreign exchange controls over the country's capital account, as well as to leverage the investment and management skills of successful foreign financial institutions to raise the standards of the Chinese market. QFII are perceived by the Chinese Government to have stronger motivation to undertake long-term investment strategies. They are expected to bring with them not only advanced investment methodology and skills, but also an investment approach that may help develop a more stable and healthy stock market environment. This study examines the empirical evidence of this development to assess if such expectations are being fulfilled. The findings suggest that QFII have made some inroads, but have not yet been able to exert long-term impacts on the Chinese market.