Arbeitspapier
Retained State Shareholding in Chinese PLCs : Does Government Ownership Reduce Corporate Value?
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.
- Sprache
-
Englisch
- Erschienen in
-
Series: IZA Discussion Papers ; No. 1493
Klassifikation
Wirtschaft
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
Comparison of Public and Private Enterprises and Nonprofit Institutions; Privatization; Contracting Out
International Financial Markets
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
Comparison of Public and Private Enterprises and Nonprofit Institutions; Privatization; Contracting Out
International Financial Markets
Thema
government shareholding
corporate governance
China
Öffentliches Unternehmen
Privatisierung
Corporate Governance
Eigentümerstruktur
China
corporate governance
China
Öffentliches Unternehmen
Privatisierung
Corporate Governance
Eigentümerstruktur
China
Ereignis
Geistige Schöpfung
(wer)
Tian, Lihui
Estrin, Saul
Estrin, Saul
Ereignis
Veröffentlichung
(wer)
Institute for the Study of Labor (IZA)
(wo)
Bonn
(wann)
2005
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:22 MESZ
Objekttyp
- Arbeitspapier
Beteiligte
- Tian, Lihui
- Estrin, Saul
- Institute for the Study of Labor (IZA)
Entstanden
- 2005
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