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Share reform and the performance of China's listed companies

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Author Info
Jiang, Bing-Bing
LAURENCESON, James
Tang, Kam Ki

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Abstract

In 2005, a reform program was initiated in China's stock markets. It acted to increase the proportion of shares that were freely tradable in the markets and also paved the way for a decline in government ownership of listed companies. This paper considers the impact the reform program might have on the performance of listed companies by analyzing the impact the tradable share proportion and the government-owned share proportion had on firm performance immediately prior to the reform commencing. The government-owned share proportion is found to have exerted a linear and positive impact on firm performance. It is further revealed that this impact is best explained by the high ownership concentration of these holdings. The policy implication is that efforts must be made to raise the involvement of non-government institutional investors, including foreign ones, if the reforms are to have their intended effect.

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Publisher Info
Article provided by Elsevier in its journal China Economic Review.

Volume (Year): 19 (2008)
Issue (Month): 3 (September)
Pages: 489-501
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Handle: RePEc:eee:chieco:v:19:y:2008:i:3:p:489-501

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Paul B. McGuinness & Michael J. Ferguson, 2005. "The ownership structure of listed Chinese State-owned enterprises and its relation to corporate performance," Applied Financial Economics, Taylor and Francis Journals, vol. 15(4), pages 231-246, February. [Downloadable!] (restricted)
  2. Bai, Chong-En & Liu, Qiao & Lu, Joe & Song, Frank M. & Zhang, Junxi, 2004. "Corporate governance and market valuation in China," Journal of Comparative Economics, Elsevier, vol. 32(4), pages 599-616, December. [Downloadable!] (restricted)
  3. Sun, Qian & Tong, Wilson H. S., 2003. "China share issue privatization: the extent of its success," Journal of Financial Economics, Elsevier, vol. 70(2), pages 183-222, November. [Downloadable!] (restricted)
  4. Xiaozu Wang & Lixin Colin Xu & Tian Zhu, 2004. "State-owned enterprises going public "The case of China"," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 12(3), pages 467-487, 09. [Downloadable!] (restricted)
  5. Wei, Zuobao & Varela, Oscar, 2003. "State equity ownership and firm market performance: evidence from China's newly privatized firms," Global Finance Journal, Elsevier, vol. 14(1), pages 65-82, May. [Downloadable!] (restricted)
  6. Wang, Changyun, 2005. "Ownership and operating performance of Chinese IPOs," Journal of Banking & Finance, Elsevier, vol. 29(7), pages 1835-1856, July. [Downloadable!] (restricted)
  7. Demurger, Sylvie, 2001. "Infrastructure Development and Economic Growth: An Explanation for Regional Disparities in China?," Journal of Comparative Economics, Elsevier, vol. 29(1), pages 95-117, March. [Downloadable!] (restricted)
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  1. David Greenaway & Alessandra Guariglia & Zhihong Yu, . "The More the Better? Foreign Ownership and Corporate Performance in China," Discussion Papers 09/05, University of Nottingham, GEP. [Downloadable!]
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