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Corporate Control, Restructuring, and Firm Performance in China

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    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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    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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