Based on the data of the listed companies of Shanghai Stock Exchange and\nShenzhen Stock Exchange from 2012 to 2015, we studied the impact of qualified\nforeign institutional investors (QFII) on the tunneling of listed companies�\nmajor shareholders. The results show that QFII can effectively control\nthe behavior of tunneling of the substantial shareholder of listed companies,\nand the inhibitory effects are different in the different ownership companies.\nQFII can inhibit the behavior of tunneling of the substantial shareholder of\nstate-owned enterprises and private enterprises, and the inhibition effect is\nbetter in private enterprises. However, there is no inhibition effect on the behavior\nof tunneling of the substantial shareholder of foreign-funded enterprises.
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