: Christian Büchelhofer
: Corporate Control and Enterprise Reform in China An Econometric Analysis of Block Share Trades
: Physica-Verlag
: 9783790820201
: 1
: CHF 85.30
:
: Volkswirtschaft
: English
: 115
: Wasserzeichen/DRM
: PC/MAC/eReader/Tablet
: PDF

This intriguing study sheds light on the efficiency of corporate control allocation in Chinese listed firms. Using a panel data set for the period 1996 to 2006, it examines the frequency, causes and consequences of changes in corporate control. The results indicate that poorly performing firms are the predominant targets of control changes. The findings provide insights into the motives and constraints of the key players involved in governance practices in China.
Preface6
Contents8
List of abbreviations10
List of tables12
1 Introduction13
2.1 China’s approach to economic reforms18
2.2 The development of stock markets in China23
2.3 Block trading in China and testable hypotheses36
2 China’s reform process, stock market development, and testable hypotheses18
2.1 China’s approach to economic reforms18
2.2 The development of stock markets in China23
2.3 Block trading in China and testable hypotheses36
3 Data, concept of control, and summary 40
3.1 Data sources40
3.2 Sample selection, and concept of ultimate control41
3.3 Descriptive statistics of changes in ultimate share ownership49
4 Causes of changes in ultimate share ownership61
4.1 Methodological approach, data, and univariate results61
4.2 Multivariate results and interpretation72
4.3 Robustness of the multivariate results81
5 Consequences of changes in ultimate share ownership90
5.1 Univariate analysis of the consequences of control changes90
5.2 Multivariate analysis of the consequences of control changes96
6 Conclusion109
Appendix113
A.1 List of share categories of China’s stock market113
A.2 Hausman test114