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 types | Variable names and symbols | Definition | Calculating method |
| Dependent variables |
ROA | Return on assets | Net profit/average total assets | ROE | Return on equity | Net profit/average net assets | TOBIN_Q | Tobin's Q | Company’s market price/company’s replacement cost | CROA | Improvement of ROA | ROA of current period minus ROA of last period | CROE | Improvement of ROE | ROE of current period minus ROE of last period | CTOBIN_Q | Improvement of Tobin's Q | Tobin's Q of current period less than the value of last period |
| Explanatory variables | MaxQFII | Proportion of QFII holdings | Sum of QFII investment ratios among the top ten shareholders |
| Control variables | Size | Company size | Period-end total assets | Lev | Debt levels | Liabilities/total Assets | Share | Ownership concentration | Investment ratio of the largest shareholder | Sal | Growth | Main business revenue growth | Tat | Operational capacity | Total assets turnover rate | Industry | Industries, sectors | Dummy variables, 11 variables representing 12 industries | Year | Years | Dummy variable, two variables representing three years |
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