摘要

QFII system is the most important institutional arrangement since China's access to the WTO in 2001. By borrowing experiences from other emerging capital markets, the paper discusses the impacts of QFII system on domestic PLCs' corporate governance in the medium and long run. These impacts consist of the positive roles of QFIIs in corporate valuation, the requirements of financial disclosure and the promotion of voluntary disclosure. The paper holds that the implementation of QFII system will accelerate diversification of China's state-owned companies' equity structure and then improve domestic PLCs' corporate governance. But the improvement will be slow owing to relative strict restraints in free in-and-out of the capital market.