Business, Management and Accounting
4 years ago

State ownership boosts firm performance in Chinese listed companies, study finds.

State ownership and firm performance: Empirical evidence from Chinese listed companies
Mei Mei, Yu

Paper Summary

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State ownership in Chinese listed companies has a U-shaped relationship with firm performance. The Split Share Structure Reform in 2005–2006 improved this relationship. Even though state ownership decreased after 2006, it remains high in key sectors like oil, natural gas, and media. More state ownership is better than dispersed ownership due to government support and connections. The reform made nontradable shares tradable, enhancing corporate governance and reducing negative effects.