Aussie-Sino Studies

2017, (4) P1-P16

[打印本页] [关闭]
本期目录 | 过刊浏览 | 高级检索

Ownership Structure and Corporate Performance under Market Socialism: Empirical Analysis of Listed Companies in China

Wang Le 1 & Liu Qun 2 & Masaharu Hanazaki 1

摘要(Abstract):

Purpose, The purpose of this paper is to quantitatively analyse the relationship between the presence of government as shareholder, and corporate performance, using financial data for listed non-financial firms in China from 2000 to 2014. Design/methodology/approach, This study discusses the reclassification of shareholders, and empirically examine the relationship between government ownership and corporate performance, mainly using the fixed-effects panel model, after comparing with pooled OLS model and random-effects panel model. Findings, The results show that government ownership and corporate performance have a non-linear U-shaped correlation using whole sample data. The U-shaped relationship between government’s shareholding ratio and growth potential is reconfirmed in sub-sample of local state-owned enterprises but not in central state-owned enterprises. For private enterprises, the higher the shareholding ratio of the government is, the worse is the company’s performance. Corporate profitability improves when the attributes of shareholder and CEO coincide. Practical implications, The overall results suggest that privatization of general state-owned enterprises is desirable. However, for strategically important companies involved in national security, national control should be strengthened or they could remain unlisted. Originality/value, This study applies the reclassification of shareholders, such as the difference between state-owned corporate shareholders and private corporation shareholders, whereas prior literatures don’t pay any attention to the difference.

关键词(KeyWords): corporate governance, market socialism, ownership structure, board of directors

Abstract:

Keywords:

基金项目(Foundation):

作者(Author): Wang Le 1 & Liu Qun 2 & Masaharu Hanazaki 1

Email:

参考文献(References):

文章评论(Comment):

序号(No.) 时间(Time) 反馈人(User) 邮箱(Email) 标题(Title) 内容(Content)
反馈人(User) 邮箱地址(Email)
反馈标题(Title)
反馈内容(Content)
扩展功能
本文信息
服务与反馈
本文关键词相关文章
本文作者相关文章
中国知网
分享