Corporate Control and Enterprise Reform in China: An by Christian Büchelhofer

By Christian Büchelhofer

This research sheds mild at the potency of company regulate allocation in chinese language indexed organizations. utilizing a panel info set for the interval 1996 to 2006, it examines the frequency, motives and effects of adjustments in company regulate. the implications point out that poorly appearing enterprises are the fundamental goals of keep an eye on alterations; shareholder and creditor regulate often act as a supplement for alterations up to speed. Following the switch in possession there's a huge volume of company restructuring and an development in working functionality. major changes in those dimensions emerge, in spite of the fact that, among nation and personal transfers of regulate. The findings not just offer insights into the causes and constraints of the foremost avid gamers serious about governance practices in China; yet additionally they comprise invaluable implications for different rising markets worldwide that experience vulnerable criminal structures and susceptible estate rights safety.

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Extra resources for Corporate Control and Enterprise Reform in China: An Econometric Analysis of Block Share Trades

Example text

Firms without a change in ultimate control in any of the years contain 688 firms at year-end 2005 and over the entire sample period a total of 4,283 firm years. Firms with a change in control, in turn, include 474 firms at year-end 2005 and a total of 4,234 firm years over the period 1995 to 2005. 3 also shows that both sub-samples of firms combined represent about 83 per cent of the total sample. The remaining 17 per cent of the total sample is comprised of firms that experience a change in the largest shareholder but no subsequent change in the ultimate controller.

86 UK or US corporate control markets are mainly composed of mergers and tender offers, whose transaction terms are determined by the market. Because of the unique institutional background of the Chinese capital market, the control rights market is very different from that of other countries. Most studies on corporate governance in China exclude the market for corporate control. 88 Existing research on control transfers in China is rather limited. Cai and Chen (2004) study a sample of ownership changes based on changes in large shareholders for the period 1997 to 1999.

105 Liu et al. (2006, p. 2029) suggest the average compensation cost per worker as a measure of the importance of labour in the Chinese privatization process. Such data, however, was not available. 4: 2 China’s reform process, and testable hypotheses Firms with a higher labour intensity of production are less likely to experience a change in control. 106 In particular, it is expected that turnover rates for the management board increase after a change in control. Moreover, restructuring activities like asset sales or lay-offs should accompany changes in control.

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