@techreport{Tian2005Retained,
abstract = {The role of government shareholding in corporate performance is central to an understanding
of China?s newly privatized large firms. In this paper, we analyze shareholders as agents that
can both harm and benefit companies. We examine the ownership structure of 826 listed
corporations and find that government shareholding is surprisingly large. Its effect on
corporate value is found to be negative, but non-monotonic. Up to a certain threshold,
corporate value decreases as government shareholding stakes increase, but beyond this
corporate value begins to increase. We interpret this in terms of ownership concentration and
the advantages of government partiality.},
author = {Lihui Tian and Saul Estrin},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {G32; G34; L33; G15; 330; government shareholding; corporate governance; China; \"{O}ffentliches Unternehmen; Privatisierung; Corporate Governance; Eigent\"{u}merstruktur; China},
language = {eng},
number = {1493},
title = {Retained State Shareholding in Chinese PLCs : Does Government Ownership Reduce Corporate Value?},
type = {IZA Discussion paper series},
url = {http://hdl.handle.net/10419/20792},
year = {2005}
}
