| QFII as a limited opening system of capital market of peculiar emerging countries and regions, in the base of avoiding sharp fluctuations in domestic capital markets, bring mature investment ideas and a lot of overseas incremental funds for market economy of peculiar emerging countries. Although the time of introduction of QFII in China is not long, but its development is very rapid, QFII has become one of the important investment investors in the capital market, and has had a profound impact for the healthy development of the domestic capital market. The paper researches the QFIIs shareholding behavior in the perspective of voluntary disclosure of information, it also discusses QFII’s influence on the internal governance of listed companies to some extent actually.Based on the review of related literature of institutional investors holding and voluntary information disclosure of listed companies, first of all, it explains about "contract theory","signaling theory" about voluntary disclosure of information, analyzing the potential connections between qualified foreign institutional investors and voluntary disclosure of information. Then it reviews the development of qualified foreign institutional investors. In the basis, analysis the QFII’s impact on voluntary disclosure of information and its mechanism of action, put forward the hypothesis. At last, it uses the data from2011to establish a model and had an empirical research. It has got some conclusions and some recommendations of the relevant policy has suggested.Main conclusions:(1) At present, the level of listed companies’voluntary disclosure of information is still in its infancy in China. Disclosure content has obvious tendency of selectivity, tending to positive information and trying to avoid risk information. Disclosure content is mostly historical information, closing to the standard specification requirements, material information needs to be improved. The mode of disclosure is single, lack of intuitive and vivid. (2) The level of listed companies’ voluntary disclosure of information has a great relationship with qualified foreign institutional investors holding share. The QFII holding share can improve the voluntary disclosure of information of listed companies. It proves that the more qualified foreign institutional investors holds share, the more probability listed company disclosure voluntary information.(3) The qualified foreign institutional investors holding share has no relationship with the level of listed companies’ voluntary disclosure of information. QFII make investment decisions will not consider mainly the level of voluntary disclosure of information of listed companies. |
