H2020Индивидуална стипендия2016–2018

IACG-QFIIs · Institutional Activism in Corporate Governance: Qualified Foreign Institutional Investors in China

„Хоризонт 2020“ — Действия „Мария Склодовска-Кюри“

Период: 2016-10-04 → 2018-10-03
Финансиране от ЕС: 183 455 €
Участници: 1
Схема: MSCA-IF

Линиите свързват координатора с партньорите.

Накратко на български

Чуждите институционални инвеститори в Китай и техните методи за влияние върху управлението на местните компании се анализират чрез сравнение с моделите в САЩ и ЕС. Това помага за подобряване на корпоративното управление в Китай, без да се застрашава стабилността на фондовия пазар.

Този кратък обзор е генериран от изкуствен интелект

Кратко обяснение, генерирано от езиков модел по текста на CORDIS. Оригиналът е по-долу.

Резултати накратко

Institutional Activism in Corporate Governance: Qualified Foreign Institutional Investors in China

The problems/issues that have been addressed are: (1) what are the mechanisms of institutional activism in corporate governance with a particular focus on institutional activism in the US, the UK and elsewhere in the EU?; (2) what is the role of Qualified Foreign Institutional Investors (QFIIs) in the governance of Chinese listed companies?; (3) what are the motivations behind QFIIs’ investment in Chinese equities and what is the connection between their investment strategies and their behaviour as shareholders?; (4) what is the correlation between the extent of QFIIs’ shareholdings and the performance of Chinese listed companies?; and (5) what are the implications for policy makers in China in regulating QFIIs, and for QFIIs based in the EU. This project is important because it addresses a difficult question for Chinese and European regulators: how to encourage QFIIs to engage in institutional activism so as to improve corporate governance in China, whilst keeping the Chinese stock market stable, with manageable volatility. This is an urgent policy issue, given the volatility of the Chinese stock market in recent times. The overall objective of this timely project is to explore the barriers to, and prospects for, greater activism in corporate governance in China on the part of Qualified Foreign Institutional Investors (QFIIs), especially QFIIs based in the EU.

Текст от CORDIS, на английски · Данни: CORDIS, © Европейски съюз

Цел на проекта

Qualified Foreign Institutional Investors (QFIIs) potentially import practices of shareholder activism that can improve corporate governance in emerging economies’ stock markets. This proposal will scrutinize this proposition in the context of China. To do this, it explores the impact of QFIIs’ institutional activism, especially European QFIIs, on corporate governance in Chinese listed companies both in theory and in practice using the interdisciplinary methods of an economic analysis of law and quantitative analysis. The first objective is to conduct a theoretical analysis on the motivations behind QFIIs’ investments and their behavior as shareholders, supported by an analysis of data on companies targeted by QFIIs between 2003 and 2015. The aim is to find out whether QFIIs engage in shareholder activism in corporate China, especially following Chinese policy changes in relation to the regulation of QFIIs in 2006 and 2012. The Second objective is to conduct an empirical study by way of event study and multiple regression on the correlation between QFIIs stock-targeting/stockholding and the performance of Chinese listed companies over the same period, in order to identify the effectiveness of QFIIs’ institutional activism in improving corporate governance in Chinese listed companies. The working hypothesis of this proposal is that QFIIs may not engage in activism because of the speculative nature of institutional investors, and therefore that policy changes of 2006 and 2012 may not have enhanced QFIIs’ activism in corporate China. This suggests that further policy changes may be required, both in China and in Europe, if QFIIs are to engage in activism which benefits both China and their end beneficiaries. An appropriate set of policy recommendations will be identified and addressed to policymakers and investors in both China and EU.

Оригинален текст от CORDIS (на английски).

Участници

THE UNIVERSITY OF SHEFFIELD · SHEFFIELDКоординаторОбединеното кралство