Research Article

The Relations between QFII Holdings and Company Performance: Evidence from China’s A-Share Listed Companies

Table 1

List of study variables.

Variable typesVariable names and symbolsDefinitionCalculating method

Dependent variables ROAReturn on assetsNet profit/average total assets
ROEReturn on equityNet profit/average net assets
TOBIN_QTobin's QCompany’s market price/company’s replacement cost
CROAImprovement of ROA ROA of current period minus ROA of last period
CROEImprovement of ROE ROE of current period minus ROE of last period
CTOBIN_QImprovement of Tobin's QTobin's Q of current period less than the value of last period

Explanatory variablesMaxQFIIProportion of QFII holdingsSum of QFII investment ratios among the top ten shareholders

Control variablesSizeCompany sizePeriod-end total assets
LevDebt levelsLiabilities/total Assets
ShareOwnership concentrationInvestment ratio of the largest shareholder
SalGrowthMain business revenue growth
TatOperational capacityTotal assets turnover rate
IndustryIndustries, sectorsDummy variables, 11 variables representing 12 industries
YearYearsDummy variable, two variables representing three years