Government Shareholding and the Value of China's Modern Firms
dc.contributor.author | Tian, Lihui | en_US |
dc.date.accessioned | 2006-08-01T16:09:15Z | |
dc.date.available | 2006-08-01T16:09:15Z | |
dc.date.issued | 2001-04-01 | en_US |
dc.identifier.other | RePEc:wdi:papers:2001-395 | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/39779 | en_US |
dc.description.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. | en_US |
dc.format.extent | 117219 bytes | |
dc.format.extent | 3151 bytes | |
dc.format.extent | 448534 bytes | |
dc.format.mimetype | text/plain | |
dc.format.mimetype | text/plain | |
dc.format.mimetype | application/pdf | |
dc.language.iso | en_US | en_US |
dc.relation.ispartofseries | 395 | en_US |
dc.subject | Ownership Structure, Government Shareholding, Corporate Governance | en_US |
dc.subject.other | G32, G34, G15, L33 | en_US |
dc.title | Government Shareholding and the Value of China's Modern Firms | en_US |
dc.type | Working Paper | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Business | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/39779/3/wp395.pdf | en_US |
dc.owningcollname | William Davidson Institute (WDI) - Working Papers |
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