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Reversal in the relative performance of state- and legal person-owned companies during the Chinese split share structure reform
Anna P. I. Vong1; Duarte Trigueiros2
2014-05-01
Source PublicationApplied Economics
ISSN0003-6846
Volume46Issue:15Pages:1728-1750
Abstract

The split share structure reform was started in 2005 with the object of re-designating state-related, nontradable shares into tradable shares. The article compares the two major forms of state ownership in China (direct or indirect ownership) showing that, close to the reform period, companies directly held by the state experience a significant increase in market performance relative to indirectly held companies. Results suggest that investors' perception about the worth of these two forms of state ownership may have suffered a reversal, thus bringing to light value-related consequences ensuing from protective schemes usual in China and elsewhere. The article also addresses a recurrent pitfall relating to the use in empirical models of fractions of the same total and shows that U-shaped patterns found in the relationship between ownership and performance are transient rather than stable.

KeywordCorporate Ownership Ownership And Performance Chinese Privatization Legal Person
DOIhttps://doi.org/10.1080/00036846.2014.881973
Indexed BySSCI
Language英语
WOS Research AreaBusiness & Economics
WOS SubjectEconomics
WOS IDWOS:000337232800004
The Source to ArticleEngineering Village
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Citation statistics
Document TypeJournal article
CollectionDEPARTMENT OF FINANCE AND BUSINESS ECONOMICS
Corresponding AuthorAnna P. I. Vong
Affiliation1.Faculty of Business Administration, University of Macau, Taipa, Macau
2.ADETTI, University Institute of Lisbon, 8000 Faro, Portugal
First Author AffilicationFaculty of Business Administration
Corresponding Author AffilicationFaculty of Business Administration
Recommended Citation
GB/T 7714
Anna P. I. Vong,Duarte Trigueiros. Reversal in the relative performance of state- and legal person-owned companies during the Chinese split share structure reform[J]. Applied Economics,2014,46(15):1728-1750.
APA Anna P. I. Vong,&Duarte Trigueiros.(2014).Reversal in the relative performance of state- and legal person-owned companies during the Chinese split share structure reform.Applied Economics,46(15),1728-1750.
MLA Anna P. I. Vong,et al."Reversal in the relative performance of state- and legal person-owned companies during the Chinese split share structure reform".Applied Economics 46.15(2014):1728-1750.
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