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- Title
Privatization Through an Overseas Listing: Evidence from China's H-Share Firms.
- Authors
Jin Jia; Qian Sun; Tong, Wilson H. S.
- Abstract
We study the partial privatization of 53 Chinese stale-owned enterprises (by their listings on the Hong Kong Exchange over the period July 1993 to December 2002. We find that listing has led to a median increase of 70% in real net profits, 80% in real sales, 50% in capital spending, and a mild but nonsignificant improvement in coverage ratios, but no improvement in return on sales and a significant underperformance of returns against several market index benchmarks. Further investigation shows that firm performance is negatively related to state ownership, but positively related to legal-personal ownership and foreign ownership.
- Subjects
CHINA; PRIVATIZATION; BUSINESS enterprises; GOVERNMENT ownership; BUSINESS
- Publication
Financial Management (Wiley-Blackwell), 2005, Vol 34, Issue 3, p5
- ISSN
0046-3892
- Publication type
Article
- DOI
10.1111/j.1755-053X.2005.tb00108.x