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