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本文从吸引合格境外机构投资者(QFII)的投资出发,检验会计准则的国际趋同是否真正提高了资本市场的对外开放水平。基于2003~2011年中国A股上市公司10081个年度观察样本数据,本文发现,实施国际趋同的新会计准则显著吸引了更多的QFII投资于中国上市公司的股票。与此同时,发达的制度环境、交叉上市、聘请“国际四大”等多种宏微观机制则在一定程度上显著降低了会计准则国际趋同对吸引QFII投资的积极影响。本文对于认识会计准则国际趋同的积极意义以及提高资本市场的对外开放水平具有重要的政策启示。
Starting from attracting qualified foreign institutional investors (QFIIs), this paper examines whether the international convergence of accounting standards really improves the level of opening up of the capital market. Based on 10081 annual sample data of Chinese A-share listed companies from 2003 to 2011, this paper finds that the new accounting standards that implement international convergence significantly attract more QFIIs to invest in Chinese listed companies. At the same time, a variety of macro and micro mechanisms, such as well-developed institutional environment, cross-listing and employment, have greatly reduced the positive impact of international convergence of accounting standards on attracting QFII investments. This article has important policy implications for understanding the positive significance of international convergence of accounting standards and raising the level of opening up to capital markets.