State-Owned Enterprises Going Public

21 Pages Posted: 6 Sep 2004

See all articles by Xiaozu Wang

Xiaozu Wang

City University of Hong Kong (CityU) - Department of Economics & Finance

Lixin Colin Xu

World Bank - Development Research Group (DECRG); World Bank - Development Research Group (DECRG)

Tian Zhu

Hong Kong University of Science & Technology (HKUST) - Division of Social Science

Abstract

Public listing is a key reform measure for large state-owned enterprises (SOEs) in China. We find evidence that public listing lowers state ownership significantly, lessens firms' reliance on debt finance, and allows firms to increase capital expenditure, at least temporarily. We also find that ownership structure affects post-listing performance. However, we find no statistical evidence of a positive effect of public listing on firms' profitability. We suggest alternative interpretations of the last finding.

Suggested Citation

Wang, Xiaozu and Xu, Lixin Colin and Xu, Lixin Colin and Zhu, Tian, State-Owned Enterprises Going Public. Available at SSRN: https://ssrn.com/abstract=584075

Xiaozu Wang (Contact Author)

City University of Hong Kong (CityU) - Department of Economics & Finance ( email )

83 Tat Chee Avenue
Kowloon
Hong Kong
852 2788 7407 (Phone)

Lixin Colin Xu

World Bank - Development Research Group (DECRG) ( email )

1818 H Street NW
MSN3-311
Washington, DC 20433
United States

World Bank - Development Research Group (DECRG) ( email )

1818 H Street NW
MSN3-311
Washington, DC 20433
United States

Tian Zhu

Hong Kong University of Science & Technology (HKUST) - Division of Social Science ( email )

Division of Social Science
Clear Water Bay
Clear Water Bay, Kowloon
Hong Kong

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