Artikel
Government regulation, enforcement, and economic consequences in a transition economy: Empirical evidence from Chinese listed companies implementing the split share structure reform
In a changing transition economy, Chinese government regulations that adopt the relatively simple bright line rule formula are enforceable in practice. Taking the early reform-oriented policies of the China Securities Regulatory Commission (CSRC) as an example, we find that the CSRC did not consider local enthusiasm for reform when allocating IPO resources because of the high enforcement costs involved. We also find that CSRC listed company regulations were enforced due to the lower costs involved in verifying regulatory violations, and that listed companies that completed the reform process were given priority in public refinancing. We present empirical evidence supporting the theoretical basis for the hypotheses outlined above. We also conclude that companies that completed the reform process in 2005 were of significantly higher quality and that the SEO regulation did not affect stock market efficiency. These findings enhance our understanding of the efficiency of government regulation in a transition economy.
- Sprache
-
Englisch
- Erschienen in
-
Journal: China Journal of Accounting Research ; ISSN: 1755-3091 ; Volume: 2 ; Year: 2009 ; Issue: 1 ; Pages: 71-99 ; Amsterdam: Elsevier
- Klassifikation
-
Management
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Corporate Finance and Governance: Government Policy and Regulation
International Financial Markets
- Thema
-
Government regulation
Enforcement
Economic consequences
Split Share Structure Reform (SSSR)
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Jiang, Dequan
Liang, Shangkun
Chen, Donghua
- Ereignis
-
Veröffentlichung
- (wer)
-
Elsevier
- (wo)
-
Amsterdam
- (wann)
-
2009
- DOI
-
doi:10.1016/S1755-3091(13)60009-X
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Jiang, Dequan
- Liang, Shangkun
- Chen, Donghua
- Elsevier
Entstanden
- 2009
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