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Abstract

This paper documents the ultimate shareholding structures of 826 corporations listed on China's stock market and finds large equity holdings of the government. Using a panel data set, this paper further finds that corporate value decreases with an increased size of government shareholding when the government is a small shareholder. When the government equity holding is sufficiently large, corporate value increases with increased government shareholding. This U-shaped relationship between government shareholding and corporate value is interpreted by the aggregated impacts of the grabbing and helping hands of the government shareholder.

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File URL: http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp395.pdf
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Bibliographic Info

Paper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number 395.

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Length: pages
Date of creation: 01 Apr 2001
Date of revision:
Handle: RePEc:wdi:papers:2001-395

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Related research

Keywords: ownership structure; government shareholding; corporate governance;

Find related papers by JEL classification:

• G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
• G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
• G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
• L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

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Cited by:

1. Qi Quan & Nancy Huyghebaert, 2005. "Share Issuing Privatizations in China: Determinants of Public Share Allocation and Underpricing," LICOS Discussion Papers 16205, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
2. Quan, Qi & Huyghebaert, Nancy, 2005. "Share issuing privatizations in China: Determinants of public share allocation and underpricing," Open Access publications from Katholieke Universiteit Leuven urn:hdl:123456789/122218, Katholieke Universiteit Leuven.
3. Huyghebaert, Nancy & Quan, Qi, 2009. "Share issuing privatizations in China: Sequencing and its effects on public share allocation and underpricing," Journal of Comparative Economics, Elsevier, vol. 37(2), pages 306-320, June.
4. Kurt Hess & Abeyratna Gunasekarage & Martin Hovey, 2010. "State-dominant and non-state-dominant ownership concentration and firm performance: Evidence from China," International Journal of Managerial Finance, Emerald Group Publishing, vol. 6(4), pages 264-289, September.
5. Quan, Qi & Huyghebaert, Nancy, 2004. "Privatization: Issues at stake in the case of China," Open Access publications from Katholieke Universiteit Leuven urn:hdl:123456789/85621, Katholieke Universiteit Leuven.
6. Yuan Chen & Michael Young, 2010. "Cross-border mergers and acquisitions by Chinese listed companies: A principal–principal perspective," Asia Pacific Journal of Management, Springer, vol. 27(3), pages 523-539, September.
7. Amy Kam & David Citron & Gulnur Muradoglu, 2010. "Financial distress resolution in China – two case studies," Qualitative Research in Financial Markets, Emerald Group Publishing, vol. 2(2), pages 46-79, October.

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