Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China

被引：206
|
作者：
Li, Kai [1 ]
Wang, Tan [1 ,2 ]
Cheung, Yan-Leung [3 ]
Jiang, Ping [4 ]
机构：
[1] Univ British Columbia, Sauder Sch Business, Vancouver, BC V6T 1Z2, Canada
[2] CCFR, Vancouver, BC V6T 1Z2, Canada
[3] Hong Kong Baptist Univ, Dept Finance & Decis Sci, Kowloon, Hong Kong, Peoples R China
[4] Univ Int Business & Econ, Sch Int Trade & Econ, Beijing, Peoples R China
来源：
REVIEW OF FINANCIAL STUDIES | 2011年 / 24卷 / 07期
关键词：
STATE; OWNERSHIP; PRIVATE; FIRMS;
D O I：
10.1093/rfs/hhr025
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We study the share privatization process in China to investigate whether and how the removal of market frictions is associated with efficiency gains. Prior to the reform, domestic A-shares were divided into tradable and non-tradable shares. As a result of the reform, holders of non-tradable shares compensated holders of tradable shares in order to make their shares tradable. We show that size is positively associated with both the gain in risk sharing and the price impact of more shares coming on the market as a result of the reform. Our study highlights the role of risk sharing in China's share issue privatization process. (JEL G11, G12, G18, G32)
引用
收藏
页码：2499 / 2525
页数：27
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