Artikel
State ownership and firm performance: Empirical evidence from Chinese listed companies
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 non-financial 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 in 2005-2006 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 non-tradable shares legally tradable, improving corporate governance and reducing the negative effect of non-tradable state shares.
- Language
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Englisch
- Bibliographic citation
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Journal: China Journal of Accounting Research ; ISSN: 1755-3091 ; Volume: 6 ; Year: 2013 ; Issue: 2 ; Pages: 75-87 ; Amsterdam: Elsevier
- Classification
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Management
Financial Institutions and Services: Government Policy and Regulation
Corporate Finance and Governance: General
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- Subject
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State ownership
Firm performance
Split Share Structure Reform
China
- Event
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Geistige Schöpfung
- (who)
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Yu, Mei
- Event
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Veröffentlichung
- (who)
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Elsevier
- (where)
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Amsterdam
- (when)
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2013
- DOI
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doi:10.1016/j.cjar.2013.03.003
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Yu, Mei
- Elsevier
Time of origin
- 2013
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