| 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 |