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The influence of the degree of state ownership and the ownership concentration on the performance of listed Chinese companies |
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| Authors: | Abeyratna Gunasekarage Amity Hu |
| Affiliation: | a Department of Accountancy, Finance and Information Systems, University of Canterbury, Private Bag 4800, Christchurch 8140, New Zealand b Department of Finance, Waikato Management School, University of Waikato, Private Bag 3105, Hamilton, New Zealand c Fortune SGAM Fund Management Co. Ltd., Shanghai, Peoples’ Republic of China |
| Abstract: | This study investigates the influence of the degree of state ownership and ownership concentration on firm performance using annual data for 1034 companies listed on China's two exchanges for the period from 2000 to 2004. We find that, on average, the firms’ performance is negatively influenced by the state ownership. However, such a negative relationship is significant only at high levels of government ownership. Moreover, we find that a balanced ownership structure enhances the firm performance and there are indications of detrimental effects of block ownership. |
| Keywords: | G3 G32 |
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