Old stocks, new owners: Two cases of ownership change in China's stock market
AbstractDuring the 1990s, ownership of China's listed firms remained stable: state entities remained in control of restructured state-owned enterprises since only a minority of shares were allowed to trade publicly and to be owned privately. However, since 1999, the ownership of China's listed firms has become more fluid due to the development of an off-exchange market in 'legal person' shares. This paper examines two such cases of ownership change. The case of Taitai's take-over of Lizhu shows that transfer of control is now occurring on a commercial basis. However, the Baiwen case shows that buy-outs are still being organized by government entities to support failing state firms. The deals suggest that while the government is using all means to restructure listed firms, rather than de-list them, it is also moving to create a competitive market in control.
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Bibliographic InfoArticle provided by Taylor and Francis Journals in its journal Journal of Chinese Economic and Business Studies.
Volume (Year): 2 (2004)
Issue (Month): 3 ()
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Web page: http://taylorandfrancis.metapress.com/link.asp?target=journal&id=109387
Find related papers by JEL classification:
- JEL - Labor and Demographic Economics - - - - -
- cla - - - - - -
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
- H71 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Taxation, Subsidies, and Revenue
- K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
- L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
- P31 - Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
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