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Corporate Control, Restructuring, and Firm Performance in China

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  • XIANG CAI
  • CHAO CHEN
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    Abstract

    For most companies in China, especially privately owned enterprises, going public to raise external funds is very difficult. Therefore, entering the capital market through corporate control of a publicly listed firm provides a plausible channel for private firms to raise funds externally. The decision to acquire a publicly listed company in China is often motivated by buying the "shell" (opportunity of financing through public offering) of the target, instead of operation synergy. When the largest shareholder of a publicly listed firm passes his shares on to a new owner, the newly acquired firm tends to engage in large-scale corporate restructuring. This article focuses on two of the most popular ownership-restructuring strategies utilized in China's capital market: negotiated ownership transfer and ownership transfer without payment. We also examine the performance of acquired firms after the ownership change and the effects that restructuring has upon the firm

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    Bibliographic Info

    Article provided by M.E. Sharpe, Inc. in its journal Chinese Economy.

    Volume (Year): 37 (2004)
    Issue (Month): 3 (May)
    Pages: 67-86

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    Handle: RePEc:mes:chinec:v:37:y:2004:i:3:p:67-86

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    Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=110901

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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. Kato, Takao & Long, Cheryl, 2006. "CEO turnover, firm performance, and enterprise reform in China: Evidence from micro data," Journal of Comparative Economics, Elsevier, vol. 34(4), pages 796-817, December.

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