| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20090 |
| 来源ID | Working Paper 20090 |
| Corruption in Chinese Privatizations | |
| Raymond Fisman; Yongxiang Wang | |
| 发表日期 | 2014-05-01 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We document evidence of corruption in Chinese state asset sales. These sales involved stakes in partially privatized firms, providing a benchmark - the price of publicly traded shares - to measure underpricing. Underpricing is correlated with deal attributes associated with misgovernance and corruption. Sales by "disguised" owners that misrepresent their state ownership to elude regulatory scrutiny are discounted 5-7 percentage points more than sales by other owners; related party transactions are similarly discounted. Analysis of subsequent operating performance provides suggestive evidence that aggregate ownership transfers improve profitability, though not in cases where the transfers themselves were corrupted. |
| 主题 | Microeconomics ; Welfare and Collective Choice ; Financial Economics ; Corporate Finance ; Industrial Organization ; Nonprofits |
| URL | https://www.nber.org/papers/w20090 |
| 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/577763 |
| 推荐引用方式 GB/T 7714 | Raymond Fisman,Yongxiang Wang. Corruption in Chinese Privatizations. 2014. |
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