Retained state shareholding in Chinese plcs
Subtitle: does government ownership reduce corporate value?
By: by Lihui Tian, Saul Estrin.
Contributors: Estrin, Saul
Series: Discussion paper ;; no. 1493; Discussion paper (Forschungsinstitut zur Zukunft der Arbeit : Online) ;; no. 1493
Publisher: IZA
Published: 2005
Place of publication: Bonn, Germany
Language: eng
Format: Electronic resource
Subjects: Corporations -- China -- Finance.; Privatization -- China.
Description: "The role of government shareholding in corporate performance is central to an understanding of China's newly privatized large firms. In this paper, we analyze shareholders as agents that can both harm and benefit companies. We examine the ownership structure of 826 listed corporations and find that government shareholding is surprisingly large. Its effect on corporate value is found to be negative, but non-monotonic. Up to a certain threshold, corporate value decreases as government shareholding stakes increase, but beyond this corporate value begins to increase. We interpret this in terms of ownership concentration and the advantages of government partiality"--Forschungsinstitut zur Zukunft der Arbeit web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 4/22/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.