本文发现,QFII持股能够促进企业创新:QFII持股使企业的专利申请数量增加,专利申请质量更高,研发投入增大。上述主要发现在处理了潜在的内生性问题后仍然成立。进一步研究表明,QFII持股能通过提升股价信息含量和降低高管的薪酬——业绩敏感性促进企业创新,而并没有通过提升治理水平促进企业创新。此外,QFII持股强化了创新产出对企业未来价值的正向影响。上述发现有助于从微观视角理解资本市场开放对企业成长和经济转型的促进作用。 This paper finds that the holding of QFII can promote enterprise innovation: the holding of QFII increases the number of patent applications in enterprises, the quality of patent application is higher, and the investment in R & D increases. The main finding above still holds true after addressing the underlying endogenous issues. Further research shows that the QFII shareholding can promote enterprise innovation by raising the stock information content and reducing executive pay-performance sensitivity, but not promoting enterprise innovation by improving the governance level. In addition, QFII ownership strengthens the positive impact of innovation output on the future value of the business. The above findings help to understand the promotion of the opening up of the capital market to business growth and economic restructuring from a micro perspective.