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From government to corporation: Larg...

Wang, Kun.

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From government to corporation: Largest shareholder's change and firm performance (China).

Record Type:	Language materials, printed : Monograph/item
Title/Author:	From government to corporation: Largest shareholder's change and firm performance (China)./
Author:	Wang, Kun.
Description:	88 p.
Notes:	Source: Dissertation Abstracts International, Volume: 64-02, Section: A, page: 0563.
Contained By:	Dissertation Abstracts International64-02A.
Subject:	Business Administration, Accounting. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3080184

From government to corporation: Largest shareholder's change and firm performance (China).
Wang, Kun.

From government to corporation: Largest shareholder's change and firm performance (China). - 88 p.

Source: Dissertation Abstracts International, Volume: 64-02, Section: A, page: 0563.

Thesis (Ph.D.)--Hong Kong University of Science and Technology (People's Republic of China), 2003.

This thesis uses a sample of listed companies in China whose largest shareholders changed from government agencies to corporations during 1997 to 2000 to examine whether change in ownership has an impact on firm performance. The results show that the companies' operating and non-operating performances improved after the change of the largest shareholders. The improvement in operating performance remains significant after controlling for the effects of related party transactions between the listed company and its new largest corporate shareholder's group. In addition, I show that the performance improvement is not a mechanical mean reversal in earnings when compared with a matched sample of firms with similar levels of earnings that retained the government agencies as their largest shareholders. I also find that operating performance improves more significantly and while non-operating performance improvement is less significant when the new corporate shareholder is an enterprise with at least one non-government investor (versus a solely state-owned enterprise), or when there exists another large shareholder that could monitor the new largest shareholder (versus when no such large shareholder exists). Finally, I analyze the components of performance improvements and show that higher sales margin and assets turnover are the main contributors to the improvements in operating performance.Subjects--Topical Terms:

1020666
Business Administration, Accounting.

From government to corporation: Largest shareholder's change and firm performance (China).
LDR:02294nam 2200253 a 45 001 935739
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035 $a (UnM)AAI3080184
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040 $a UnM $c UnM
100 1 $a Wang, Kun. $3 1259445
245 1 0 $a From government to corporation: Largest shareholder's change and firm performance (China).
300 $a 88 p.
500 $a Source: Dissertation Abstracts International, Volume: 64-02, Section: A, page: 0563.
500 $a Supervisor: T. J. Wong.
502 $a Thesis (Ph.D.)--Hong Kong University of Science and Technology (People's Republic of China), 2003.
520 $a This thesis uses a sample of listed companies in China whose largest shareholders changed from government agencies to corporations during 1997 to 2000 to examine whether change in ownership has an impact on firm performance. The results show that the companies' operating and non-operating performances improved after the change of the largest shareholders. The improvement in operating performance remains significant after controlling for the effects of related party transactions between the listed company and its new largest corporate shareholder's group. In addition, I show that the performance improvement is not a mechanical mean reversal in earnings when compared with a matched sample of firms with similar levels of earnings that retained the government agencies as their largest shareholders. I also find that operating performance improves more significantly and while non-operating performance improvement is less significant when the new corporate shareholder is an enterprise with at least one non-government investor (versus a solely state-owned enterprise), or when there exists another large shareholder that could monitor the new largest shareholder (versus when no such large shareholder exists). Finally, I analyze the components of performance improvements and show that higher sales margin and assets turnover are the main contributors to the improvements in operating performance.
590 $a School code: 1223.
650 4 $a Business Administration, Accounting. $3 1020666
690 $a 0272
710 2 0 $a Hong Kong University of Science and Technology (People's Republic of China). $3 1249812
773 0 $t Dissertation Abstracts International $g 64-02A.
790 $a 1223
790 1 0 $a Wong, T. J., $e advisor
791 $a Ph.D.
792 $a 2003
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3080184