Privatization Through an Overseas Listing: Evidence from China’s H-Share Firms

Jin Jia, Qian Sun and Wilson H.S. Tong

Financial Management, 2005, vol. 34, issue 3

Abstract: We study the partial privatization of 53 Chinese state-owned enterprises (by their listings on the Hong Kong Exchange over the period July 1993 to December 2002. We find that listing has led to a median increase of 70% in real net profits, 80% in real sales, 50% in capital spending, and a mild but nonsignificant improvement in coverage ratios, but no improvement in return on sales and a significant underperformance of returns against several market index benchmarks. Further investigation shows that firm performance is negatively related to state ownership, but positively related to legal-personal ownership and foreign ownership.

Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:fma:fmanag:jiasuntong05

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