QFâ…¡ System:Analysis Based On Their Invested Corporations

The introduction of QFII system into China's security market is a big step in the development of China's security market.Based on literature reviews, from the point of their invested corporations and empirical analysis,the present exploratory research examines our country's QFII system on three aspects: whether the performance of corporations that QFIIs invested exceeds the weighted averaging industry performance;whether the weighted averaging corporation performance that asset management corporation invested exceeds that of commercial banks and investment banks invested;whether corporation performance that QFIIs invested is positively related to the percentage of shares that QFIIs hold.The data are from four industries's corporations that QFIIs invested, in virtue of factor analysis to evaluate a corporation's performance.The results of data analysis indicate that:(1)Although in some industries the weighted averaging corporation performance that QFIIs invested does exceed the weighted averaging industry performance,on the whole, the former exceeds the latter.(2)With the implement of QFII system and the lapse of time,the gap of the weighted averaging corporation performance between commercial banks and investment banks and asset management corporations is decreasing. (3) Corporation performance that QFIIs invested isn't positively linearly related to the percentage of shares that QFIIs hold. Based on empirical analysis of China's QFII system, this paper gives some helpful suggestions to investors, government and corporations.It also makes theories of QFII system more abundant.