Does Holistic Listing Improve the Efficiency of Chinas Listed Companies?
In order to observe whether holistic listing improves the efficiency of listed companies in the long term,this paper empirically tests the performance changes of listed companies that have realized holistic listing in 2004-2007 in Chinas stock market. We use improved FA-DEA method to evaluate the efficiency changes,and then apply Tobit Model to analyze the influence of holistic listing,size,major shareholders property,profitability and growth on corporate performance. The improved FA-DEA method adopts new DEA input variable processing way which considers the difference of each element reflecting from the information of initial data. Our tests show: although the sample efficiency is improved in the short term after holistic listing,it declines later; the efficiency of samples becomes lower when the corporate is state-owned; with the size expansion the corporate long-term performance becomes worse after holistic listing than that before. Therefore,it is inappropriate to take holistic listing as a magic bullet to improve the performance of listed companies,and it is better to take effective measures to prevent bad assets being injected into listed companies via holistic listing.
holistic listing efficiency factorial analysis data envelopment analysis Tobit model
Jianhuan Huang Jie Xia Zhujia Yin
School of Economics and Trade Hunan University Changsha,China School of Economics and Management Changsha University of Science & Technology Changsha,China
国际会议
香港
英文
283-287
2010-08-17（万方平台首次上网日期，不代表论文的发表时间）