Ultimate Controlling Structures and Firm Value:Evidence from the Chinese Listed Companies

摘要：

Using data on ultimate controlling structures of Chinese listed companies, we identify three issues in this article: (1) how common is the listed companies held by the state ultimately? (2) how does the state maintain the control of these companies? (3) the impacts of different controlling structures on firm value. It’s found that more than 70％ of Chinese listed companies are ultimately owned by the state and controlled by government. The government controls the listed companies directly or indirectly through solely state-owned enterprises mainly. Taking into account the trade-off between political costs and agency costs, we find that firm value increases with the separation between the listed company and the government.

作者: Kun Wang Xing Xiao

作者单位: School of Economics and Management Tsinghua University, Beijing, PRC School of Economics and Management Tsinghua University.

会议类型: 国际会议

会议名称: 2006年中国国际金融年会

会议地点: 西安

会议语种:英文

在线出版日期: 2006-07-17（万方平台首次上网日期，不代表论文的发表时间）