Pacific-Basin Finance Journal Volume 39, September 2016, Pages 197–210

国内和国外机构投资者对上市公司的投资策略

作者：Suman Neupane(Griffith University, Australia) ,Biwesh Neupane(University of Strathclyde, UK), Krishna Paudyal(University of Strathclyde, UK), Chandra Thapa(University of Strathclyde, UK)

摘要：印度的监管规定确保了上市公司的投资者能够在决定认购之前看到其他认购者的比例水平，这降低了外国机构投资者和国内机构投资者之间的信息不对称性。由于这个规定，我们有理由认为他们在投资类型和表现方面会有较少的差异。然而，我们的结果显示（a）外国机构投资者比国内机构投资者更激进；（b）国内机构投资者比国外机构投资者有更好的IPO选择能力；（c）在上市之后，外国机构投资者比国内机构投资者更愿意降低上市公司的持有比例。外国机构投资者在上市之后更愿意去减持那些小的、年轻的、有较高股票波动率的公司，而增持有较高回报率的股票，这显示了外国机构投资者追逐牛市的特点。总之，尽管透明度不断增加，但是国外机构投资者和国内机构投资者的投资策略仍然显著不同。

Domestic and foreign institutional investors' investment in IPOs

Suman Neupane(Griffith University, Australia) ,Biwesh Neupane(University of Strathclyde, UK), Krishna Paudyal(University of Strathclyde, UK), Chandra Thapa(University of Strathclyde, UK)

ABSTRACT

The regulatory provisions in India ensure that IPO investors are able to observe the participation levels of other subscribers prior to their own subscription decisions. This should reduce the information asymmetry between the foreign institutional (FIIs) and domestic institutional investors (DIIs). We argue that because of this setting we should observe less difference in their investment patterns and performance. Our results, however, show that (a) FIIs subscribe to IPOs more aggressively than DIIs; (b) DIIs have better IPO selection ability than FIIs; and (c) in the post-listing period, FIIs reduce their IPO holdings more extensively than DIIs. FIIs reduce their post-listing holdings especially in firms that are smaller, younger, have higher stock volatility while increasing on stocks with higher returns, indicating that FIIs chase hot markets. Overall, in spite of transparency-enhancing regulations, the investment patterns of FIIs and DIIs differ significantly.

原文链接：http://www.sciencedirect.com/science/article/pii/S0927538X16300889

翻译：阙江静