Friend or Foe? The Role of State and Mutual Fund Ownership in the Split Share Structure Reform in China
Identifieur interne : 004E99 ( Main/Exploration ); précédent : 004E98; suivant : 004F00Friend or Foe? The Role of State and Mutual Fund Ownership in the Split Share Structure Reform in China
Auteurs : Michael Firth [Hong Kong] ; Chen Lin [Hong Kong] ; Hong Zou [Hong Kong]Source :
- Journal of Financial and Quantitative Analysis [ 0022-1090 ] ; 2010-06.
Abstract
The recent split share structure reform in China involves the nontradable shareholders proposing a compensation package to the tradable shareholders in exchange for the listing rights of their shares. We find that state ownership (the major owners of nontradable shares) has a positive effect on the final compensation ratio. In contrast, mutual fund ownership (the major institutional owner of tradable shares) has a negative effect on the compensation ratio and especially in state-owned firms. The evidence is consistent with our predictions that state shareholders have incentives to complete the reform quickly and exert political pressure on mutual funds to accept the terms without a fight.
Url:
DOI: 10.1017/S0022109010000190
Affiliations:
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The Role of State and Mutual Fund Ownership in the Split Share Structure Reform in China</title><author><name sortKey="Firth, Michael" sort="Firth, Michael" uniqKey="Firth M" first="Michael" last="Firth">Michael Firth</name></author><author><name sortKey="Lin, Chen" sort="Lin, Chen" uniqKey="Lin C" first="Chen" last="Lin">Chen Lin</name></author><author><name sortKey="Zou, Hong" sort="Zou, Hong" uniqKey="Zou H" first="Hong" last="Zou">Hong Zou</name></author></titleStmt><publicationStmt><idno type="wicri:source">ISTEX</idno><idno type="RBID">ISTEX:05DEDAE40AFEFE317965459F7BC3B684A7025D1A</idno><date when="2010" year="2010">2010</date><idno type="doi">10.1017/S0022109010000190</idno><idno type="url">https://api.istex.fr/document/05DEDAE40AFEFE317965459F7BC3B684A7025D1A/fulltext/pdf</idno><idno type="wicri:Area/Istex/Corpus">000289</idno><idno type="wicri:explorRef" wicri:stream="Istex" wicri:step="Corpus" wicri:corpus="ISTEX">000289</idno><idno type="wicri:Area/Istex/Curation">000289</idno><idno type="wicri:Area/Istex/Checkpoint">001A01</idno><idno type="wicri:explorRef" wicri:stream="Istex" wicri:step="Checkpoint">001A01</idno><idno type="wicri:doubleKey">0022-1090:2010:Firth M:friend:or:foe</idno><idno type="wicri:Area/Main/Merge">004F40</idno><idno type="wicri:Area/Main/Curation">004E99</idno><idno type="wicri:Area/Main/Exploration">004E99</idno></publicationStmt><sourceDesc><biblStruct><analytic><title level="a">Friend or Foe? The Role of State and Mutual Fund Ownership in the Split Share Structure Reform in China</title><author><name sortKey="Firth, Michael" sort="Firth, Michael" uniqKey="Firth M" first="Michael" last="Firth">Michael Firth</name><affiliation wicri:level="1"><country wicri:rule="url">Hong Kong</country><wicri:regionArea>Department of Finance and Insurance, Lingnan University, Tuen Mun, Hong Kong</wicri:regionArea><wicri:noRegion>Hong Kong</wicri:noRegion></affiliation><affiliation wicri:level="1"><country wicri:rule="url">Hong Kong</country></affiliation></author><author><name sortKey="Lin, Chen" sort="Lin, Chen" uniqKey="Lin C" first="Chen" last="Lin">Chen Lin</name><affiliation wicri:level="1"><country wicri:rule="url">Hong Kong</country><wicri:regionArea>Department of Economics and Finance, City University of Hong Kong, 83 Tat Chee Ave., Kowloon Tong, Kowloon, Hong Kong</wicri:regionArea><wicri:noRegion>Hong Kong</wicri:noRegion></affiliation><affiliation wicri:level="1"><country wicri:rule="url">Hong Kong</country></affiliation></author><author><name sortKey="Zou, Hong" sort="Zou, Hong" uniqKey="Zou H" first="Hong" last="Zou">Hong Zou</name><affiliation wicri:level="1"><country wicri:rule="url">Hong Kong</country><wicri:regionArea>Department of Economics and Finance, City University of Hong Kong, 83 Tat Chee Ave., Kowloon Tong, Kowloon, Hong Kong</wicri:regionArea><wicri:noRegion>Hong Kong</wicri:noRegion></affiliation><affiliation wicri:level="1"><country wicri:rule="url">Hong Kong</country></affiliation></author></analytic><monogr></monogr><series><title level="j">Journal of Financial and Quantitative Analysis</title><title level="j" type="abbrev">J. Financ. Quant. Anal.</title><idno type="ISSN">0022-1090</idno><idno type="eISSN">1756-6916</idno><imprint><publisher>Cambridge University Press</publisher><pubPlace>New York, USA</pubPlace><date type="published" when="2010-06">2010-06</date><biblScope unit="volume">45</biblScope><biblScope unit="issue">3</biblScope><biblScope unit="page" from="685">685</biblScope><biblScope unit="page" to="706">706</biblScope></imprint><idno type="ISSN">0022-1090</idno></series></biblStruct></sourceDesc><seriesStmt><idno type="ISSN">0022-1090</idno></seriesStmt></fileDesc><profileDesc><textClass></textClass><langUsage><language ident="en">en</language></langUsage></profileDesc></teiHeader><front><div type="abstract">The recent split share structure reform in China involves the nontradable shareholders proposing a compensation package to the tradable shareholders in exchange for the listing rights of their shares. We find that state ownership (the major owners of nontradable shares) has a positive effect on the final compensation ratio. In contrast, mutual fund ownership (the major institutional owner of tradable shares) has a negative effect on the compensation ratio and especially in state-owned firms. The evidence is consistent with our predictions that state shareholders have incentives to complete the reform quickly and exert political pressure on mutual funds to accept the terms without a fight.</div></front></TEI><affiliations><list><country><li>Hong Kong</li></country></list><tree><country name="Hong Kong"><noRegion><name sortKey="Firth, Michael" sort="Firth, Michael" uniqKey="Firth M" first="Michael" last="Firth">Michael Firth</name></noRegion><name sortKey="Firth, Michael" sort="Firth, Michael" uniqKey="Firth M" first="Michael" last="Firth">Michael Firth</name><name sortKey="Lin, Chen" sort="Lin, Chen" uniqKey="Lin C" first="Chen" last="Lin">Chen Lin</name><name sortKey="Lin, Chen" sort="Lin, Chen" uniqKey="Lin C" first="Chen" last="Lin">Chen Lin</name><name sortKey="Zou, Hong" sort="Zou, Hong" uniqKey="Zou H" first="Hong" last="Zou">Hong Zou</name><name sortKey="Zou, Hong" sort="Zou, Hong" uniqKey="Zou H" first="Hong" last="Zou">Hong Zou</name></country></tree></affiliations></record>Pour manipuler ce document sous Unix (Dilib)
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