摘要
本文以制造业企业为研究对象,分析了企业集团化经营和研发投入对QFII持股偏好的影响,验证了企业估值的调节效应。研究发现:集团成员企业经营更稳定、风险更小,与独立企业相比,QFII更偏好集团成员企业;研发投入能够改善企业利润提升竞争优势,研发投入多的企业具有较大发展潜力,更受QFII青睐;企业估值对集团化经营、研发投入和QFII持股偏好之间的关系具有调节作用。
Based on the listed manufacturing companies, the effect of business group affiliation and RD input on QFII shareholding preference has been tested, also finding the moderating effect of the valuation of firm. Through regression analysis we found that：（1） Business group affiliates have more stable performance, less risk and more innovation than independent corporates; so QFII prefers business group affiliate to independent companies.（2） RD activities could improve corporate profit and competitive advantages. The companies with more RD Input draw attention and preference of QFII.（3） The valuation of firm moderates the relationships between business group affiliation, RD Input and QFII holding preference. We hope this paper will provide some help for government to guide capital flows so as to stabilize Chinese capital market.
出处
《投资研究》
2015年第8期115-123,共9页
Review of Investment Studies
关键词
集团化经营
研发投入
QFII持股偏好
Business group affiliation
R＆D Input
QFII shareholding preference
