Total

With QFII holdings

Different types of companies with QFII holdings

State-owned Enterprises

Private Enterprise

Foreign-funded Enterprises

(1)

(2)

(3)

(4)

(5)

Variable

OCC

OCC

OCC

OCC

OCC

DQFII

−0.000721**

(0.000212)

AQFII

−0.000890*

−0.000838*

−0.00112*

0.000117

(0.000298)

(0.000343)

(0.000402)

(0.000306)

SHARE

−0.000191*

−0.000664*

7.04e−05*

−0.00125*

−6.55e−05

(8.10e−05)

(0.000210)

(2.71e−05)

(0.000512)

(3.84e−05)

AUDIT

−0.0183**

−0.00718

−0.00252

0

−0.00874**

(0.00430)

(0.00777)

(0.00744)

(0)

(0.00230)

LEV

0.000354***

4.10e−05

0.000228**

−0.000148

0.000242***

(4.15e−05)

(5.37e−05)

(4.01e−05)

(0.000127)

(3.42e−05)

ASSET

−0.00739**

−0.00302

0.000472

−0.00970

−0.00463**

(0.00181)

(0.00176)

(0.000445)

(0.00420)

(0.00117)

ROA

0.000770***

0.000236

0.000318*

0.000530

0.000130

(0.000118)

(0.000169)

(0.000104)

(0.000566)

(8.26e−05)

Constant

0.166**

0.107*

−0.0146

0.273*

0.104**

(0.0362)

(0.0423)

(0.00769)

(0.110)

(0.0248)

Observations

6,724

1,180

637

459

43

R-squared

0.165

0.031

0.052

0.109

0.355

Number of groups

1,681

653

332

276

22