Research On The Influencing Factors Of QFII Shareholding Preference In Consumption Industry

Qualified Foreign Institutional Investors(QF?)system refers to a transitional system in which the capital market in a country is not fully open and there is a limited introduction of foreign capital and open capital markets.With the continuous advancement and improvement of China's QF? system,the legal foreign institutional investor system has an increasing influence on China's capital market.Analysis of QF?'s investment behavior and shareholding preference is of great significance to the development of China's capital market.Considering the important position of consumption in the national economy,this paper chooses the consumer industry to study the shareholding preference of QF? in the consumer industry,and then compares it with its shareholding preference in the whole industry,which results in the influence of legal foreign institutional investors.The factors of stock industry preference in the consumer industry have certain guiding significance for enterprises in the consumer industry.The time interval of this paper is from the first quarter of 2009 to the third quarter of 2018,a total of 39 quarters.The QF? Awkwardness stock in the Wind industry is selected as the research object in the Wind database.In order to compare the similarities and differences of stockholding preferences of legal foreign institutional investors in the whole industry and consumer industry,this paper selects the QF? awkward stocks in the whole industry after the financial elimination as a research sample,and obtains a total of 7693 samples.This paper selects the QF?shareholding ratio of each sample at each time node as the explanatory variable,and selects the following types of variables as explanatory variables:(1)The company's financial status:including earnings per share,total return on assets.asset-liability ratio,and total assets of cash.Recovery rate,inventory turnover rate,net assets per share,operating income year-on-year growth rate,price-to-book ratio;(2)company equity institutions:shareholding ratio of the largest shareholder;(3)company stock market:including stock price,time to market,total market capitalization,turnover rate,nearly 20 days of rise and fall;(4)Shanghai and Shenzhen comprehensive income:Shanghai and Shenzhen 300 yields;(5)and control variables:virtual time variables;(6)to measure with consumption to nationals The impact of economic contribution and consumption structure upgrade on QF? shareholding preference,this paper also introduces macro consumption variables:consumption-to-GDP contribution rate and consumption structure variable,in order to describe the shareholding preference of QF? in the consumer industry during the process of upgrading consumption structure.Based on the selected data and variables,this paper uses mixed cross-section data to study and establish:multiple linear regression equations,and draws the following conclusions:Through the analysis of QF?'s shareholding preference in the consumer industry,this paper draws in the consumer industry:(1)QF? prefers to hold stocks with higher stock prices and higher market value,preferring to hold leading stocks in the industry.(2)QF? prefers to hold a company with good profitability.(3)QF? prefers to hold companies with lower asset-liability ratios to control risks.(4)QF? prefers companies with strong operational capabilities and fast inventory turnover.(5)QF? preference and stocks with low concentration of ownership and low turnover rate.(6)QF? has increased its shareholding in the consumer industry as consumption contributes to GDP and the consumption structure has increased.Through the comparison of QF? in the consumer industry and the whole industry,it is concluded that:(1)the whole industry prefers to hold small and medium-sized stocks,and has no special preference for large-scale companies,while the consumer industry prefers to hold large-scale leading enterprises..(2)From the perspective of profitability,QF? requires higher levels of profitability for companies in the consumer industry.(3)From the perspective of operational capabilities,QF? requires higher levels of operation for companies in the consumer industry.(4)From the perspective of comprehensive income,QF? has increased its investment in the A-share market as the comprehensive income of the stock market has increased.Over time,QF?'s investment has become more fragmented.Combined with the theoretical analysis and empirical analysis results of this paper,this paper proposes policies and recommendations from the following aspects:First of all,at the national level,in view of the positive role played by QFII in China's capital market,the state should continue to expand its openness,implement positive guidance and support for foreign funds,and continue to promote the opening of QFII quotas,investment qualifications and investment fields;For the regulators and domestic institutional investors,QFII's investment preference has a good reference for institutional investors,advocates the concept of value investment,and promotes the common development of various institutional investors.Finally,for the listed companies in the consumer industry,consumer industry companies should strengthen corporate governance,improve the company's business model,optimize corporate governance norms,promote the healthy and stable development of listed companies,improve the company's comprehensive strength,promote the upgrading of consumption structure,and drive industrial restructuring.Promote industrial upgrading and upgrade the national economy.