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Governance role of different types of state-share holders: Evidence from China's listed companies.

机译：不同类型的国有股的治理角色：来自中国上市公司的证据。

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摘要

This thesis extends the literature on the role of state ownership by distinguishing the governance roles of two types of state-share holders in China's listed companies. Government agencies that act as state-share holders (“GA shareholders”) are detrimental to firm value according to both the political and managerial perspectives. Non-government agencies such as SOEs and other forms of market-oriented economic entities acting as state-share holders (“corporate state-share holders ”) may not be detrimental to firm value because their goals are different from those of GA shareholders. The empirical findings are consistent with the predictions. Firms with GA shareholders perform significantly worse than other types of firms. Additionally, top management turnover is less sensitive to poor firm performance in firms with GA shareholders than in other types of firms. In contrast, there is no significant difference in performance between firms with corporate state-share holders and firms without state-owned shares. Moreover, the top management turnover in firms with corporate state-share holders is not more sensitive to poor firm performance than it is in firms without state-owned shares. The results suggest that it is the incentive of state-share holders, rather than state ownership per se, that is crucial in corporate governance for transitional economies.
机译：本文通过区分中国上市公司中两种类型的国有股东的治理角色，扩展了关于国有所有权作用的文献。根据政治和管理的观点，充当国有股股东的政府机构（“ GA股东”）不利于公司价值。国有企业等非政府机构和其他形式的以市场为主体的以市场为导向的经济实体（“ 企业国有股份持有人”）可能不会损害公司的价值，因为它们的目标是不同的来自GA股东。实证结果与预测结果一致。具有GA股东的公司的业绩明显比其他类型的公司差。此外，与其他类型的公司相比，在拥有GA股东的公司中，高层管理人员对公司业绩不佳的敏感性较小。相反，拥有公司国有股份的公司与没有国有股份的公司之间的绩效没有显着差异。而且，拥有国有股份公司的公司的高层管理人员对公司业绩不佳的敏感度要比没有国有股份的公司高。结果表明，在过渡经济的公司治理中，至关重要的是国家股份持有人而不是国家所有权本身的激励。

著录项

  • 作者

    Wang, Jiwei.;

  • 作者单位

    Hong Kong University of Science and Technology (People's Republic of China).;

  • 授予单位 Hong Kong University of Science and Technology (People's Republic of China).;
  • 学科 Economics Finance.; Business Administration Accounting.; Economics General.
  • 学位 Ph.D.
  • 年度 2003
  • 页码 100 p.
  • 总页数 100
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 财政、金融;财务管理、经济核算;经济学;
  • 关键词

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