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Government Regulation,Enforcement,and Economic Consequences in a Transition Economy:Empirical Evidence from Chinese Listed Companies Implementing the Split Share Structure Reform 被引量:10
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作者 Dequan Jiang Shangkun Liang Donghua Chen 《China Journal of Accounting Research》 2009年第1期71-99,共29页
In a changing transition economy, Chinese government regulations that adopt the relatively simple bright line rule formula are enforceable in practice. Taking the early reform-oriented policies of the China Securities... In a changing transition economy, Chinese government regulations that adopt the relatively simple bright line rule formula are enforceable in practice. Taking the early reform-oriented policies of the China Securities Regulatory Commission(CSRC) as an example, we find that the CSRC did not consider local enthusiasm for reform when allocating IPO resources because of the high enforcement costs involved. We also find that CSRC listed company regulations were enforced due to the lower costs involved in verifying regulatory violations, and that listed companies that completed the reform process were given priority in public refinancing. We present empirical evidence supporting the theoretical basis for the hypotheses outlined above. We also conclude that companies that completed the reform process in 2005 were of significantly higher quality and that the SEO regulation did not affect stock market efficiency. These findings enhance our understanding of the efficiency of government regulation in a transition economy. 展开更多
关键词 Government regulation ENFORCEMENT Economic consequences split share structure Reform(SSSR)
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State ownership and firm performance: Empirical evidence from Chinese listed companies 被引量:11
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作者 Mei Yu 《China Journal of Accounting Research》 2013年第2期75-87,共13页
While the relationship between state ownership and firm performance has been widely researched, the empirical evidence has provided mixed results. This study applies panel data regression techniques to 10,639 firm-yea... While the relationship between state ownership and firm performance has been widely researched, the empirical evidence has provided mixed results. This study applies panel data regression techniques to 10,639 firm-year observations of nonfinancial Chinese listed firms during 2003–2010 to examine the relationship between state ownership and firm performance. The results show that state ownership has a U-shaped relationship with firm performance. The Split Share Structure Reform in2005–2006 played a positive role in enhancing the relationship between state ownership and firm profitability ratios. Although state ownership decreased significantly after 2006, it remains high in strategically important industry sectors such as the oil, natural gas and mining sector and the publishing, broadcasting and media sector. The findings reveal that a higher level of state ownership is superior to a dispersed ownership structure due to the benefits of government support and political connections. The Split Share Structure Reform made previously nontradable shares legally tradable, improving corporate governance and reducing the negative effect of non-tradable state shares. 展开更多
关键词 State ownership Firm performance split share structure Reform China
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