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State-owned enterprises going public "The case of China"

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Author Info

  • Xiaozu Wang
  • Lixin Colin Xu
  • Tian Zhu

Abstract

Public listing is a key reform measure for large state-owned enterprises (SOEs) in China. We find evidence that public listing lowers state ownership significantly, lessens firms' reliance on debt finance, and allows firms to increase capital expenditure, at least temporarily. We also find that ownership structure affects post-listing performance. However, we find no statistical evidence of a positive effect of public listing on firms' profitability. We suggest alternative interpretations of the last finding. Copyright (c) The European Bank for Reconstruction and Development, 2004.

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Bibliographic Info

Article provided by The European Bank for Reconstruction and Development in its journal Economics of Transition.

Volume (Year): 12 (2004)
Issue (Month): 3 (09)
Pages: 467-487

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Handle: RePEc:bla:etrans:v:12:y:2004:i:3:p:467-487

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Cited by:
  1. Kato, Takao & Long, Cheryl, 2006. "CEO Turnover, Firm Performance and Enterprise Reform in China: Evidence from New Micro Data," IZA Discussion Papers 1914, Institute for the Study of Labor (IZA).
  2. Lihui Tian & Saul Estrin, 2005. "Retained State Shareholding in Chinese PLCs: Does Government Ownership Reduce Corporate Value?," William Davidson Institute Working Papers Series wp750, William Davidson Institute at the University of Michigan.
  3. James Laurenceson & Bing Bing Jiang & Kam Ki Tang, . "Share reform and the performance of China�s listed companies," EAERG Discussion Paper Series 1005, School of Economics, University of Queensland, Australia.
  4. Wenwen Zhan & John Turner, 2012. "Crossing the River by Touching Stones?: The Reform of Corporate Ownership in China," Asia-Pacific Financial Markets, Springer, vol. 19(3), pages 233-258, September.
  5. Lam, Kevin C.K. & McGuinness, Paul B. & Vieito, João Paulo, 2013. "CEO gender, executive compensation and firm performance in Chinese‐listed enterprises," Pacific-Basin Finance Journal, Elsevier, vol. 21(1), pages 1136-1159.
  6. Meghana Ayyagari & Asli Demirgüç-Kunt & Vojislav Maksimovic, 2010. "Formal versus Informal Finance: Evidence from China," Review of Financial Studies, Society for Financial Studies, vol. 23(8), pages 3048-3097, August.
  7. Xia, Jun & Li, Shaomin & Long, Cheryl, 2009. "The Transformation of Collectively Owned Enterprises and its Outcomes in China, 2001-05," World Development, Elsevier, vol. 37(10), pages 1651-1662, October.
  8. Liu Wang & William Judge, 2012. "Managerial ownership and the role of privatization in transition economies: The case of China," Asia Pacific Journal of Management, Springer, vol. 29(2), pages 479-498, June.
  9. Tobin, Damian & Sun, Laixiang, 2009. "International Listing as a Means to Mobilize the Benefits of Financial Globalization: Micro-level Evidence from China," World Development, Elsevier, vol. 37(4), pages 825-838, April.

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