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来源类型Working Paper
规范类型报告
DOI10.3386/w9574
来源IDWorking 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
URLhttps://www.nber.org/papers/w9574
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/567197
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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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