题 目：Domestic and Foreign Institutional Investors’ Behavior in China
主讲人：刘宁悦博士 （会计系）
时 间：2013年4月16日（星期二） 中午12:00-13:00
地 点：主楼418会议室
主讲人简介：
    刘宁悦，女，12BET管理与经济学院会计系讲师。爱尔兰都柏林大学Michael Smurfit商学院金融学博士，中国人民大学商学院财务管理学博士，英国牛津大学访问学者。在《European Journal of Finance》、《Asian Economic Papers》等刊物上发表多篇SSCI论文， 在包括美国Financial Management Association年会和英国China Economic Association (UK/Europe)年会在内的多个国际会议上发表论文， 担任多个英文期刊审稿人。
内容简介：
    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.