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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w9574 |
来源ID | Working Paper 9574 |
Initial Public Offering and Corporate Governance in China's Transitional Economy | |
Chen-Chien Hsun; Shih Hui-Tzu | |
发表日期 | 2003-03-24 |
出版年 | 2003 |
语种 | 英语 |
摘要 | This paper empirically investigates the performance of Chinese initial public offerings (IPOs). The data used covers the period from mid-1995 to mid-1999 with the sample including 884 companies (both in the A- and B-share markets). In an examination of growth, profitability and stability of listed companies either individually or as a combination, it can be seen that the only industries in which listed companies in China display strong performance are public utilities, transportation and finance. If one examines the changes in listed companies' financial indicators following the IPO, it becomes apparent that with the exception of earnings related indicators (EPS and ROE) there are no significant changes. What's more, the financial indicators tend to fall rapidly year on year. This means that the IPO is of little obvious help to companies' operational performance, and may actually make things worse. One of the reasons for this is that in order to implement the IPO and secure stock market listing, companies tend to submit inflated figures in the financial statements that they are required to provide. Another possible factor is the poor corporate governance characteristics of Chinese enterprises. |
主题 | Financial Economics ; Financial Markets ; Corporate Finance |
URL | https://www.nber.org/papers/w9574 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567197 |
推荐引用方式 GB/T 7714 | Chen-Chien Hsun,Shih Hui-Tzu. Initial Public Offering and Corporate Governance in China's Transitional Economy. 2003. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w9574.pdf(2633KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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