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http://hdl.handle.net/10419/20792
  

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dc.contributor.authorTian, Lihuien_US
dc.contributor.authorEstrin, Saulen_US
dc.date.accessioned2009-01-28T16:16:48Z-
dc.date.available2009-01-28T16:16:48Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/20792-
dc.description.abstractThe 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.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesIZA Discussion paper series 1493en_US
dc.subject.jelG32en_US
dc.subject.jelG34en_US
dc.subject.jelL33en_US
dc.subject.jelG15en_US
dc.subject.ddc330en_US
dc.subject.keywordgovernment shareholdingen_US
dc.subject.keywordcorporate governanceen_US
dc.subject.keywordChinaen_US
dc.subject.stwÖffentliches Unternehmenen_US
dc.subject.stwPrivatisierungen_US
dc.subject.stwCorporate Governanceen_US
dc.subject.stwEigentümerstrukturen_US
dc.subject.stwChinaen_US
dc.titleRetained State Shareholding in Chinese PLCs : Does Government Ownership Reduce Corporate Value?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn480253234en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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