외국인 투자자의 투자성향과 정보비대칭

초록

There are some standards to classify the investors in stock market. Investors who have ownerships of firms then they would be shareholders and Investors who have bonds like right to receiving money, then they would be creditors. if we classify investors according to the principal investment, one would be individual investors and institutional investors. According to the investors nationality, we can divide investors into native investors and foreign investors. lastly, according to investment horizon, we can classify into short-term investors and long-term investors. Generally, Institutional Investors, foreign investors, or long-term investors have large ownerships and take high returns so they are called “well-known” investors. Transient Investors do not look into firms’possibility of future cash flow or growth. they are only interested in looking for low-priced stocks and invest those stocks. then at the time that the stocks fewer increased than they bought, they sell the stocks. they concentrated in short-term investment for finance gain. Look at the other hand, there are dedicated investors. They do not care about the present price. Judging from their own decisions, they buy stocks no matter the stock price is high. if the company’s long-term performance increase than present then the profit will be included the stock price. They understand exactly the firm’s strategy and value at the investment time. Dedicated investors relatively well-informed investors and monitor the firms. The role of foreign investors have been encouraged in capital market.(Kim et al. 2010) Especially, They reduce information asymmetry, monitor the firm’s decision making, and have more ability to earn money in stock market because they are well-informed investors. Recently, The studies have coming up that the roles of foreign investors does not work anymore. In other words, the precedent researches did not consider propensities and discolored foreign investors have been growing up and account for huge proportion of foreign investors. According to article, so-called ‘Black-hair’ foreign investors are the one of reasons. The paper is to expanding precedent researches the foreign investors and information asymmetry. we classify foreign investors into four groups using investment horizons and ownerships. To measure the foreign investors horizon, we use the same method in Gasper et al.(2005) and Ko and Seo(2014). We find there is a positive relation between short-term foreign investor. which means short-term foreign investors do not play the roles that decreasing information asymmetry. Long-term foreign investors, however, reduce information asymmetry. These findings suggest there is different relationships among foreign investors.

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