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A Study on the Performance of the Non-Tradable Share Reform of State-Controlled Listed Companies

Author: ZhengBoWei
Tutor: ZhuQiuXia
School: Nanjing University of Finance and Economics
Course: Finance
Keywords: State - owned listed companies Split share structure reform Restructuring Pay level of the price Governance structure
CLC: F832.51;F224
Type: Master's thesis
Year: 2010
Downloads: 107
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Abstract


In this paper, from the theory of property rights and institutional changes in the cost assessment theoretical point of view of state-owned listed companies tradable share reform process , the impact of the cost of the restructuring of state-owned enterprises as well as the structure of property rights reform of the corporate governance structure and operating performance . The article is based on the characteristics of Jiangsu with a focus on strategy , through comparison of Jiangsu and Guangdong , the local state-owned assets management department to take in the transformation process of the identification system . In this paper, Jiangsu and Guangdong Province in 2004 , companies listed on the Shanghai and Shenzhen stock markets as a research basis , using descriptive statistical analysis , case studies, research methods in-depth analysis and regression analysis . This paper studies found that the price mechanism is an effective mechanism to achieve regime change , the proportion of non-tradable shares with price level . Validation of the data , the higher the proportion of state-owned non-tradable shares in state - owned listed companies of Jiangsu , assume that the higher the level of the price paid . The split share structure reform to improve the structure of property rights of a listed company , the largest shareholder stake two major indicators of the degree of concentration of ownership has improved significantly . On the price of the share reform payment mechanisms Jiangsu of state-owned and state holding listed companies dropped by an average of about 10% of the share reform of state-owned shareholders the active holdings wishes not large , which may be related fear of losing a controlling stake in state-owned assets management department . Compared with Guangdong , Jiangsu, increasing the value of state-owned assets work more in place, but the problem is that Jiangsu holdings of some general areas of competition industry . This paper analyzes the results indicate that the structure of property rights of state-owned listed companies to improve corporate governance structure and operating performance has begun to produce a certain positive impact on . The results of the analysis of the price model and changes in the shareholding structure of share reform model also confirmed the existence of 7 environment variable in the assessment of system conversion costs . Thus , from the assessment perspective of the cost of institutional economics and econometrics angle proved , Jiangsu Province, the state-owned listed companies tradable share reform overall success . Finally, according to the analysis conclusion , this paper presents recommendations for further reform of state-owned assets management system in the future .

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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