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合格境外机构投资者(QFII)制度是中国实施资本市场开放的重要创新。已有研究往往将QFII作为一个同质整体加以考察,但是股东性质、来源国和投资视野等差异都会影响QFII的行为。本文关注QFII中日益重要的主权财富基金(SWF)跨境投资对企业创新的影响。研究发现,SWF跨境持股与企业研发投入、发明专利申请数和专利引用量显著正相关,并且这一关系主要体现在民营企业、融资约束高、高科技行业、高管薪酬黏性低和低独董占比的情况下。扩展性分析发现,除SWF外其他QFII对企业创新没有积极影响,SWF对资本性支出和收益性支出也有促进作用。本文的研究结果表明,机构投资者的长期投资视野与较高的创新失败容忍度有关,有益于企业创新。
Abstract：The Qualified Foreign Institutional Investor(QFII) scheme is a big step to the opening of China's capital market.Previous studies often consider QFII as a whole,but differences in shareholder nature,country of origin,and investment horizon can all affect the behavior of QFII.This paper examines the impact of sovereign wealth funds(SWF),a type of QFII that has received less attention but is increasingly important,on enterprise innovation.The results show that crossborder holdings of SWF are significantly positively correlated with corporate research and development investment,invention patent applications,and patent citations.The above relationship is more pronounced in private firms,firms with high financing constraints and in high-tech industries,low executive compensation stickiness,and low proportion of independent directors.Further tests find that QFII except SWF have no positive impact on enterprise innovation,and SWF can also increase capital expenditure and income expenditure.This paper indicates that the longterm investment horizon of institutional investors is related to a higher tolerance for innovation failure,which is beneficial to enterprise innovation.
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(1)摘自清华大学五道口金融学院副院长、金融学教授田轩在“中国经济新格局:乘风破浪”夏季峰会上的主旨演讲。参见网址:https://www.bjnews.com.cn/detail/159678842515548.html。
(1)参考Sodali公司顾问Maria Ungureanu在哈佛法学院公司治理论坛上的观点,参见网址:https://corpgov.law.harvard.edu/2014/08/07/the-corporate-governance-of-sovereign-wealth-funds/。
(1)样本始于2006年是因为自2006年新《企业会计准则》颁布起上市公司开始规范披露研发支出,并且财务数据口径能够统一。
(1)采用半径匹配和核匹配方法的检验结果保持一致。此外,还进行了安慰剂检验,将事件发生时间前移两年,没有发现交互项系数具有显著性。
(2)此外,还采用了MSCI中国A股(国际)指数作为工具变量,该指数专为QFII和RQFII投资者设计,进一步考虑了外国投资者的持股比例限制,可以更好地适应海外投资者投资A股的需求。由于该指数从2014年起才推出,因此研究期间被缩减为2014~2022年,研究结果保持不变。
(1)由于研发投入是过程性指标,在上述机制下主权财富基金持股与创新投入的因果关系更为直接,同时考虑篇幅限制,该部分主要列示研发投入的分组检验结果。
(1)我们还按照企业最近两年发明专利均值进行分组,发现发明专利较多的企业,失败风险更高,相应的主权财富基金的作用显著更强。
基本信息:
中图分类号:F832.51;F273.1
引用信息:
[1]陈婧,程舒意,方军雄.主权财富基金跨境投资促进企业创新吗?[J].金融学季刊,2024,18(04):125-150.
基金信息:
国家自然科学基金面上项目(72272132); 福建省自然科学基金(2022J05114)的资助
2025-06-30
2025-06-30