State-owned enterprises going public The case of China |
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| Authors: | Xiaozu Wang Lixin Colin Xu Tian Zhu |
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| Affiliation: | School of Management, Fudan University; Development Research Group, The World Bank and Guanghua School of Management, Peking University; Division of Social Science, Hong Kong University of Science and Technology |
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| 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. |
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| Keywords: | State-owned enterprises public listing reform China |
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