The financial and operating performance of China's newly listed H-firms |
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| Institution: | 1. Centre for Financial Econometrics, Deakin Business School, Deakin University, Australia;2. Lund University, Sweden;3. Centre for Financial Econometrics, Deakin University, Australia;1. Faculty of Business and Economics, Building E4A, Macquarie University, North Ryde, NSW 2109, Australia;2. School of Business, University of Western Sydney, Locked Bag 1797, Penrith, NSW 2751, Australia;1. Department of Surgery, Division of Vascular and Endovascular Services, State University of New York Upstate Medical University, Syracuse, NY;2. Division of Vascular and Endovascular Surgery, University of California, San Francisco, CA;3. Connecticut Convergence Institute for Translation in Regenerative Engineering, University of Connecticut (UConn Health), Farmington, CT;4. Division of Vascular and Endovascular Surgery, Saint Louis University, St. Louis, MO;5. Division of Vascular and Endovascular Surgery, University of Connecticut (UConn Health), Farmington, CT;1. Shanghai International Studies University, Shanghai, China;2. Hong Kong Baptist University, Kowloon, Hong Kong;3. Shanghai University of Finance and Economics, Shanghai, China;4. Western Kentucky University, Bowling Green, KY 42101, United States |
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| Abstract: | This study compares pre- and post-listing financial and operating performance for a complete sample of H-firms that are incorporated in Mainland China and listed in Hong Kong between 1993 and 2000. Theoretically, there are two major opposing influences on the performance change of these newly listed firms: negative initial public offering (IPO) effect and positive privatization effect. Our major findings are: (1) the IPO effect dominates the privatization effect, so that the H-firms experienced a significant decrease in profitability and operating efficiency after listing, and (2) the performance of a control sample of newly listed private firms declined more than that of the H-firms, probably because the positive privatization effect somewhat offset the negative IPO effect for the H-firms. This paper is the first to document the positive effect of privatization in oversea listed Chinese companies. |
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