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论文作者:Daqing Qi, Woody Wu and Hua Zhang论文属性:学术文章 Scholarship Essay登出时间:2008-12-18编辑:点击率:2314
论文字数:9600论文编号:org200812181552243309语种:英语 English地区:中国价格:$ 22
关键词:Ownership structureCorporate performanceChinese equity market
Shareholding Structure and Corporate Performance of Partially Privatized Firms:
Evidence from Listed Chinese Companies
Abstract
Equity ownership in a listed Chinese firm can have as many as five different classes: state-owned shares, legal-person shares, tradable A-shares, employee shares, and shares only available to foreign investors, a phenomenon that is unique to the Chinese equity market. In this paper, we investigate whether and how the corporate performance of listed Chinese firms is affected by their shareholding structure. The sample consists of all firms listed in the Shanghai Stock Exchange from 1991 to 1996. It is found that firm performance is positively related to the proportion of legal-person shares but negatively related to the proportion of shares owned by the state. Additional analyses indicate that firm performance increases with the degree of relative dominance of legal-person shares over state shares. Moreover, for the sub-sample of firms that do not have both state and legal-person shares, the ROE of firms with legal-person shares but no state shares is higher than that of firms with state shares but no legal-person shares by 3.84 percent, and this difference is statistically significant. On the other hand, there is little evidence in support of a positive correlation between corporate performance and the proportion of tradable shares owned by either domestic or foreign investors. These findings suggest that the ownership structure composition and relative dominance by various