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The Study on the Holding Share Partiality of Open-end Funds and Qualified Foreign Institutional Investors in China A-share Market

Author: ChenFangQiong
Tutor: YaoXiaoYi
School: Hunan University
Course: Finance
Keywords: Qualified Foreign Institutional Investors Open-ended Fund The holding share partiality Stepwise Linear regression
CLC: F224
Type: Master's thesis
Year: 2009
Downloads: 81
Quote: 1
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Abstract


In 2002, China implemented a QFII (qualified foreign institutional investors) system and has grown and expanded constantly. By the end of 2008, 76 foreign institutional investors have been granted 12.8 billion U.S. dollars of investment quotas. It has become the most important institutional investors with domestic open-end funds in China’s stock market. Relative to their open-end funds, which foreign capital in China’s stock market performed? Is there any significant investment philosophy and behavior difference between QFII and open-end funds? Studying on these issues is now becoming frontier (International) Finance problems.This article will compare QFII with open-end funds, which is the most important institutional investor, in the 2006-2008 three-year periods by analysis of the quarterly holdings data. Not only we carry out qualitative analysis of the industry’s stock-picking similarities and differences, but also use the stepwise regression method of quantitative study on stock picking preference for the two major institutional investors. Meanwhile, we contrast stock selection and market performance of QFII and open-end fund through price fluctuation in the bull and bear market for the first time, which is more detail research than all of the time span at present. During this research, we can find out the regularity and commonality in QFII and the Fund holdings. Especially we can analyze their respective differences in investment decisions in order to offer the policy recommendations to individual investors, other institutional investors, regulators, and listed companies.In this paper, through empirical studies we draw the conclusions on QFII and fund holdings preferences as following: Firstly, from the industry point of view, in the rising phase, QFII is likely to hold shares of industries and companies with fast economic growth. But Fund is relatively holding slow and steady growth of industries and companies. In the decline phase, QFII decrease their shares or withdraw from the market , while the fund prefer to holding shares and waiting for a rebound. Secondly, either up or down stage phase, QFII prefer low prices and poor stock market performance in early stage, and lay emphasis on listed companies with dividend distribution policy ,high dividend preference stock, while they pay more attention to the company’s solvency and financial risk. Thirdly, QFII focus on cash flow and assets of enterprises operating conditions at a fast upswing stage. In the fall stage, it has turned its attention to constant growing companies in the face of adverse circumstances. However, fund pay more attention to stock price volatility and high earnings per share at a fast upswing stage. In the fall stage, it has turned its concern to stocks with profitability, pre-relative resilience, time to market early companies.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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