关键词: QFII网络关系,公司价值,信息效应,治理效应

Abstract: Based on the social network theory and taking the QFII holding the shares of China’s A-share listed companies from 2012 to 2017 as the sample, this paper studies the impact of information effect and governance effect of QFII network relationship on corporate value. It is found that within the QFII investment quota allowed by China’s legal system, the QFII network relationship can significantly improve the company value. And this relationship is more significant in QFII long-term holding companies and at the areas with higher level of investor protection. Further research shows that the corporate information transparency and the corporate internal governance mechanism can play an intermediary role between QFII network relationship and company value. This research conclusion indicates that the moderate increase of QFII introduction quantity is conducive to improving the information environment and the corporate governance, thus it is conducive to the improvement of corporate value.

Key words: QFII network relationship; company value; information effect; governance effect