Abstract:
We find that substantial transformation initiatives did not occur after a strategic name change, so transformation cannot be the real motivation of them.Furthermore, with comparing companies’ financial performance before and after a policy released in 2014, plus a comparison between state-owned companies and non-stated-owned companies who have different motivation to reduce stocks, we find that companies doing strategic name change are motivated to raise their stock prices and then cash out to gain profit in short term.Investors in China’s capital market should be warned not to interpret strategic name change as a signal of companies’ business transformation.
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