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Privatization through an overseas listing : evidence from China's H-share firms

机译:海外上市的私有化:来自中国H股公司的证据

摘要

We study the partial privatization of 53 Chinese state-owned enterprises (by their listings on the Hong Kong Exchange over the period July 1993 to December 2002. We find that listing has led to a median increase of 70% in real net profits, 80% in real sales, 50% in capital spending, and a mild but nonsignificant improvement in coverage ratios, but no improvement in return on sales and a significant underperformance of returns against several market index benchmarks. Further investigation shows that firm performance is negatively related to state ownership, but positively related to legal-personal ownership and foreign ownership.
机译:我们研究了53家中国国有企业的部分私有化(通过1993年7月至2002年12月在香港交易所的上市)。我们发现,上市导致实际净利润的中位数增长了70%,而中位数增长了80%在实际销售中,资本支出占50%,覆盖率略有改善,但没有明显改善,但是相对于几个市场指数基准,销售回报率并没有明显改善,而且回报率明显不佳。所有权,但与法人所有权和外国所有权正相关。

著录项

  • 作者

    Jia J; Sun Q; Tong WH;

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  • 年度 2005
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  • 原文格式 PDF
  • 正文语种 eng
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