Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/34589
Title: Privatization through an overseas listing : evidence from China's H-share firms
Authors: Jia, J
Sun, Q
Tong, WH 
Issue Date: 2005
Publisher: Wiley-Blackwell
Source: Financial management, 2005, v. 34, no. 3, p. 5-30 How to cite?
Journal: Financial management 
Abstract: 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.
URI: http://hdl.handle.net/10397/34589
ISSN: 0046-3892
EISSN: 1755-053X
DOI: 10.1111/j.1755-053X.2005.tb00108.x
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