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

國内和國外機構投資者對上市公司的投資策略

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：印度的監管規定确保了上市公司的投資者能夠在決定認購之前看到其他認購者的比例水平，這降低了外國機構投資者和國内機構投資者之間的信息不對稱性。由于這個規定，我們有理由認為他們在投資類型和表現方面會有較少的差異。然而，我們的結果顯示（a）外國機構投資者比國内機構投資者更激進；（b）國内機構投資者比國外機構投資者有更好的IPO選擇能力；（c）在上市之後，外國機構投資者比國内機構投資者更願意降低上市公司的持有比例。外國機構投資者在上市之後更願意去減持那些小的、年輕的、有較高股票波動率的公司，而增持有較高回報率的股票，這顯示了外國機構投資者追逐牛市的特點。總之，盡管透明度不斷增加，但是國外機構投資者和國内機構投資者的投資策略仍然顯著不同。

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.

原文鍊接：http://www.sciencedirect.com/science/article/pii/S0927538X16300889

翻譯：阙江靜