The Study On QFII's Intervening In The Corporate Governance Of Listed Companies In China

In recent years, the problem on corporate governance of listed companies has become a focus problem attracting widespread concern. Therefore, corporate governance has turned an important researching field of modern economics. As the two most important components in structure of capital market, institutional investors and listed company have a very close interactive relationship. Currently, securities market of our country is at the stage of development, the faultiness of corporate governance has been a big obstacle to hold up its progress for long time. It is an important marking of a mature capital market that the development and maturity of the institutional investors. In recent years, along with quickly expanding, the institutional investors become more and more active in sticking up for their rights and obtaining long-term investment income through participating the governance of listed company. It has doubtless important realistic meaning for securities market or listed company to make the construction of listed company governance more perfectly, with the experience of Taiwan qualified foreign institutional investors system, to impel QFII institutional investors to participate corporate governance.This paper is grouped into six chapters. Chapter 1 introduces the background, the significance of the chosen subject and the literature review. Chapter 2 firstly introduces the practices of foreign institutional investors participating the corporate governance and related theories, and then deepen the analysis of the traditional and modern theories of it, which provide an essential theory basis for the following research and induce the mechanism and the channels of the corporate governance on the QFII's part. Chapter 3 states the status quo and the development of institutional investors in home and abroad, and then introduces the development of QFII system in China. Chapter 4 investigates the involvement of QFII in value of the listed companies' governance. It mainly deals with the behavior analysis of the QFII in the stock ownership distribution reform and empirical analysis on its effect on the listed companies. It further observes whether QFII actively participate in the corporate governance of the listed companies in China. Chapter 5 deals with the possible solution for promoting corporate governance of the listed companies from two aspects: the rule modification and the training of institutional investors. Chapter 6 concludes the research results of the whole thesis paper. This paper focuses on the subject whether QFII, as the institutional investor, actively play their role in the corporate governance of the listed companies since the introduction of the QFII system, which may serve as the theoretical references in the coming years for the perfection of QFII system, the development of the institutional investors in various forms and rationalization of the corporate governance in China.