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The effect of the split share structure reform on working capital management of Chinese companies

机译：股权分置改革对中国公司营运资金管理的影响

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摘要

Before the introduction of the Split Share Structure Reform (SSSR) of 2005, a dual stock system characterized Chinese-listed firms. The states owned non-tradable shares and private owners held tradable shares. The dual system generated agency problems because state owners enjoyed all the rights reserved for tradable shares but escaped the stock market risk faced by non-state shareholders. Because executives of state-owned enterprises (SOEs) received rewards based on the book value of assets rather than the market price of shares, they had no incentive to maximize the share price. The SSSR led to the conversion of non-tradable shares to tradable shares, with two major implications: (1) the interests of government and private owners are now more closely aligned and (2) government agents of SOEs are now rewarded and punished based on a firm's market performance. Thus, the expectation is that government agents turn their attention to improving a firm's market performance rather than its book value during the post-reform era. We examine the impact of the SSSR on Chinese firms' investments in working capital. Based on 511 manufacturing firms between 2003 and 2011, we find that the SSSR is associated with significant reductions in working capital investments during the post-reform period. The reduced investment in working capital is associated with improved market performance of these firms.
机译：在2005年股权分置改革（SSSR）出台之前，双股制是中国上市公司的特色。国有非流通股，私人拥有流通股。双重制度产生了代理问题，因为国有企业所有人享有为流通股保留的所有权利，却逃脱了非国有企业股东所面临的股市风险。由于国有企业的高管们是根据资产的账面价值而不是股票的市场价格来获得报酬的，因此他们没有动机去最大化股价。 SSSR导致将非流通股转换为流通股，具有两个主要含义：（1）政府与私人所有者的利益现在更加紧密地结合在一起；（2）国有企业的政府代理现在根据以下情况得到奖励和惩罚：公司的市场表现。因此，期望的是政府官员在改革后时代将注意力转移到改善公司的市场绩效上而不是账面价值上。我们研究了SSSR对中国公司在营运资金上的投资的影响。基于2003年至2011年之间的511家制造公司，我们发现，SSSR与改革后时期的营运资本投资显着减少有关。流动资金投资减少与这些公司的市场绩效提高有关。

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  • 来源
    《Global finance journal》 |2017年第2017期|27-37|共11页
  • 作者

    Wei He; Tarun K. Mukherjee; H. Kent Baker;

  • 作者单位

    University of New Orleans, Department of Economics and Finance, New Orleans, LA 70148, USA;

    American University, Kogod School of Business, Department of Finance and Real Estate, 4400 Massachusetts Avenue, NW, Washington, DC 20016, USA;

    American University, Kogod School of Business, Department of Finance and Real Estate, 4400 Massachusetts Avenue, NW, Washington, DC 20016, USA;

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  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    Split share structure reform; Working capital management; Cash conversion cycle; China;

    机译：股权分置改革;营运资金管理;现金转换周期;中国;

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