Corporate Control and Enterprise Reform in China: An by Christian Büchelhofer

By Christian Büchelhofer

This learn sheds mild at the potency of company regulate allocation in chinese language indexed businesses. utilizing a panel information set for the interval 1996 to 2006, it examines the frequency, reasons and outcomes of adjustments in company keep an eye on. the consequences point out that poorly acting enterprises are the principal ambitions of keep watch over alterations; shareholder and creditor keep an eye on ordinarily act as a supplement for alterations on top of things. Following the switch in possession there's a significant quantity of company restructuring and an development in working functionality. major ameliorations in those dimensions emerge, despite the fact that, among kingdom and personal transfers of regulate. The findings not just supply insights into the causes and constraints of the most important avid gamers considering governance practices in China; yet additionally they include priceless implications for different rising markets worldwide that experience susceptible felony platforms and vulnerable estate rights safeguard.

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Extra info for Corporate Control and Enterprise Reform in China: An Econometric Analysis of Block Share Trades

Sample text

E. the identities of a firm’s equity holders and the sizes of their positions, is a potentially important element of corporate governance. g. 73 However, political control over the firms’ decision According to the guidelines, an individual must meet the following conditions to be considered independent. First, neither the individual nor his or her relatives may work for the listed firm or its subsidiaries. Second, the individual may not directly or indirectly own more than 1 per cent of the listed firm.

Liu and Sun (2005) trace the chain of control for 1,105 listed firms and calculate the percentage shareholdings of their ultimate controllers. However, their information stops in 2001 and is not yet publicly available. 112 34 3 Data, concept of control, and summary statistics on changes in control Each buyer and seller has been assigned to one of the following ultimate control categories: (1) SOE controlled at the central government level; (2) SOE controlled at the provincial or local government; (3) firms privately controlled by Chinese citizens or Chinese corporate entities; (4) collectively owned enterprises (COE); and (5) foreign-invested enterprises (FIE).

Column (2) lists the number of changes in ultimate control by industry (province), column (3) shows the number of control changes in an industry (province) divided by the total number of control changes. ) Column (4) shows the number of control changes in an industry (province) as a percentage of the number of listed firms in that industry (province) for year-end 2005. The industry classification follows the one-digit CSRC industry classification. Listed firms are assigned to provinces by the registered address of their headquarters.

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